KARACHI: The interbank market remained relatively calm on Monday while the open market witnessed some wild fluctuations during the session.

The dollar gained 17 paise to close at Rs305.64 compared to Rs305.47 the previous day, reported the State Bank of Pakistan.

The news about the $70bn possible foreign investments in Pakistan was listened to interestingly by the market and the currency dealers said the claim could keep the market peaceful for the next few days.

The open market reported no change and quoted the prices as Rs328. However, during the day the dollar reached as high as Rs338 but came back to the previous closing of Rs328.

Currency dealers said the demand for dollars was still higher than the supply which keeps the exchange rate under pressure.

They said nobody could guarantee the next day rate since the fluctuation is very high as wit-nessed on Monday.

Published in Dawn, September 5th, 2023