KARACHI: As a result of positive economic indicators, the dollar has continued to depreciate for the past two weeks, making the dollar's interbank rate at Rs 215.79.
Reports of the IMF signing the deal anytime soon led to the dollar depreciating further by Rs 3.09 to Rs 215.79 in the interbank market after volatility. While in the open market, the dollar fell by 2 rupees to 214 rupees.
Importers are buying less dollars while exporters are selling their export receipts in the market due to news of improvement in the economic horizon, the end of insolvency risks and various restrictions on imports by the government for the next three months.
Experts say that this year, the current account deficit will decrease from the initial estimate to 7-8 billion dollars and the need for current new external loans will decrease from the initial estimate of 36-41 billion dollars to 32 billion 20 billion dollars with the forecasts and economic stability. The dollar is weakening and the rupee is strengthening on expectations that the pressure on the foreign exchange will end in two months.
Demands for dollars have decreased due to the expectations of further reduction in import bills due to the falling prices of crude oil and other commodities in the world market and the buyers of dollars in the market have become very limited, but on the contrary, the number of sellers is increasing. The supply in the market has increased and the rupee is depreciating against the dollar on a daily basis.
