KARACHI: As the deal with the International Monetary Fund (IMF) slips further, the dollar increased by Rs2.19 against the Pakistani rupee during intraday trade on Wednesday.
The first trading day following five Eid holidays, the local currency closed at 210.10 to the dollar. Thursday saw its conclusion at 207.91.Source that confirms it.
Reason:
Due to financial crisis in Pakistan the dollar rises day by day and its value increases day by day as we look on the main reason of crisis in Pakistan it may be due too several reasons it may be political or may be wrongs policy of the government which lead it to rise day by day
In response to the development, Samiullah Tariq, Head of Research at Pakistan-Kuwait Investment Company, stated that the market is being driven by the strengthening of the dollar and upcoming payments.
The first is the dollar's strength relative to other currencies, as shown by DXY, and the second is upcoming payments because factories were closed for Eid holidays.
Tariq added that the influx of remittances was significant prior to Eid-ul-Azha since Pakistanis living abroad sent money to their family in advance of the holiday season.
However, Tariq claimed that following Eid, the remittances had stopped.
A daily volatility of 1 or 2 percent was not unusual, according to Alpha Beta Core CEO Khurram Schehzad, but he said that the completion of the IMF programme will assist to stabilise the market.
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