Dollar surges as forex markets struggle amid IMF delays, economic pressures
Open market sees dollar's value surge beyond Rs282, continuing its recent flight


Karachi: The dollar continued its upward trajectory in both the interbank and open currency markets on Tuesday, driven by a combination of delayed disbursements from the IMF, a widening current account deficit, and declining foreign direct investment.
In the wake of delays in the staff-level agreement with the International Monetary Fund (IMF) and the postponement of the next loan tranche, Pakistan's foreign exchange markets were under significant pressure. The country's current account deficit stood at $12 million in February, coupled with a sharp 45% drop in foreign direct investment, contributing to a further weakening of the rupee.
The open market saw the dollar's value surge beyond Rs282, continuing its recent flight. In contrast, the interbank market experienced a momentary dip in the dollar's value, reaching a low of Rs280.6, a reduction of 10 paisas. However, this downward movement was short-lived, as increased demand for imports and a slight improvement in the supply of dollars triggered a reversal.
By the close of the trading day, the dollar’s value had risen by 20 paisas in the interbank market, settling at 280 rupees and 26 paisas. The open market also reflected a similar uptick, with the dollar gaining 9 paisas to close at 282 rupees and 7 paisas.
A noteworthy development in the financial sector was a decrease in the Real Effective Exchange Rate (REER) index by 1.8 points, bringing it down to 102.3 points. A REER index value above 100 is considered favorable for Pakistan’s economy and the rupee’s value, as it indicates a balance between dollar demand and supply, potentially stabilizing the exchange rate.

Trump to file $15bn defamation lawsuit against New York Times
- 4 hours ago

Risk of severe dengue epidemic in 10 cities including Karachi, Lahore, and Islamabad
- 3 hours ago

Apple’s newest health-tracking features are coming to older watches
- 2 hours ago

PM Shehbaz meets Iranian President, emphasizes unity of Muslim Ummah
- an hour ago

Anyone with mobile is with a piece of Israel in their hands: Netanyahu
- an hour ago
High-level flood hits Sukkur Barrage
- 7 minutes ago

Earthquake hits areas of Punjab including Multan
- an hour ago

Condemning Israeli attacks is not enough, course of action must be adopted: Ishaq Dar
- 2 hours ago

Gold price surges again, reaches all-time high
- an hour ago

The iPhone Air’s battery pack is slim, but not as slim as the iPhone Air
- 2 hours ago

Samiya Hijab explains reason for forgiving Hassan Zahid
- 3 hours ago

The iPhone 17 Pro’s orange is good — and well-timed
- 2 hours ago