The dollar reached an all-time high on the interbank market

The dollar reached an all time high on the interbank market

The dollar reached an all-time high at the Interbank Foreign Exchange (IFEX) at the beginning of the business week.

Forex dealers reported that the dollar rose by Rs 1.65 on the interbank market at 11:30 am on June 13.

The dollar reached an all-time high of Rs 204 on the interbank market.

On Thursday, the dollar had lost 75 paise to close at Rs 200.77 on the Interbank Foreign Exchange (IFEX).

Deputy Governor SBP said that after the federal budget, an agreement will be reached with the IMF. The market is determining the value of rupee.

According to currency dealers, the current economic situation in the country is very beneficial for speculators. Rumors were circulating which were taken full advantage of.

One of the rumors used by bookies last week was that a financial emergency was being declared in the country under which dollar accounts, bright digital accounts and safe lockers were being frozen. Ismail and the SBP also denied the allegations, but as long as speculators had used the rumors.

Similarly, another rumor was spread that LCs were not being opened due to low foreign exchange reserves, which led to fears of a shortage of many commodities, including oil. This rumor also helped boost demand for the dollar.

Zafar Paracha, General Secretary, Exchange Companies Association of Pakistan, while confirming the speculation in the currency markets, said that in the open market, there is no buying and selling of dollars, which is what is happening in the interbank market.

According to economists, exponential fluctuations in the value of the currency have caused great distress to exporters and importers, while also having a negative impact on foreign investors.

According to currency dealers, with the departure of SBP Governor Raza Baqir and the subsequent non-appointment of a permanent governor, it seems that SBP’s control over the interbank has weakened, which is being taken advantage of.

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