KARACHI: The rupee remained under pressure on Monday in both interbank and open markets against the US dollar mainly due to uncertainties linked with the revival of the IMF programme.
The State Bank of Pakistan reported the dollar price appreciated by 84 paise to Rs281.61. The exchange companies, which deposit their surplus dollars in banks, quoted the dollar price at Rs284 in the interbank market.
Bankers believe there is no fixed dollar rate in the interbank market and many deals are made at higher than reported prices. Currency experts said the SBP provides a weighted average rate of the dollar which does not show the highest price during the day or the exact closing price. This is the reason why SBP and exchange companies use to quote different rates.
Bankers said the market was not different from other days. There was no chance for the opening of letters of credit by the importers. The demand for the greenbacks stays strong but the SBP maintains tight control over outflows.
Currency markets believe a deal with the IMF would unlock inflows from other multilateral lenders and friendly countries.
The open market reported the dollar price as Rs285 on Monday from Rs283 on Friday, an increase of Rs2 per dollar.
Published in Dawn, March 14th, 2023