Karachi May 23 2023: Dollar move up 5 Rupees in the open market on severe shortages of foreign currency and higher demand from pilgrims as Hajj flights starts from Pakistan.
Dollar is trading at 310 (PST 18:05) in the open market against closing of 305 on Monday. In last two days Pakistan currency in open market lost PKR 10 rupees against dollar.
Dollar in interbank closed day at 287.15 against Pak Rupee on Tuesday after closing at 286.56 on Monday, according to data of State Bank of Pakistan.
Pakistan start Hajj flights operations from Sunday to Saudi Arabia.
Saudi Riyal is available at rate of 83 and UAE Dirham is trading at 85.5 in Open market.
According to currency dealers, there is currently a severe shortage of dollars in private exchange companies due to shortage of dollar supply. According to them, at present some companies are only buying dollars because they do not have dollars to sell.
According to dealers, the political crisis in the country and the fading prospects of the IMF program are causing the dollar to rise.
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