According to a recent study by the Forex Association, the demand for foreign currencies, notably the US dollar, has significantly increased on the Karachi currency market. The likelihood of obtaining IMF payments in installments is dwindling, which has led to this increase in demand.
As a result, the dollar gained 1.80 rupees in the interbank market, rising to a new high of 285.75 rupees for purchasing and 288.00 rupees for selling.
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The issue was more apparent on the open market when the dollar crossed the 300 barrier for the first time in the nation’s history. It increased by Rs 6 and now stands at Rs 305. Similar to how the Euro increased by Rs 5.50, the price of the pound increased by Rs 8..
For more context, consider that the selling price of the dollar in the interbank market climbed by 1.80 rupees to Rs 288.00 while the purchasing price grew by 30 paise to Rs 285.75. The purchasing price of a dollar in the open market climbed by 5 rupees, from Rs 297.00 to Rs 302.00, while the selling price rose by 6 rupees, from Rs 299.00 to Rs 305.00.
