Dollar surpasses Rs281 as demand and global trends fuel its rise

Karachi: The dollar continued its upward trajectory due to various factors, with the dollar becoming more expensive in both the exchange markets on Monday.

Despite positive news such as an increase in remittances, a steady rise in exports, and the issuance of bonds worth $1.4 billion in the global market, the dollar continued to advance after fluctuations in both the exchange markets. As a result, the interbank rate for the dollar surpassed Rs281 once again.

During business hours in the interbank market, the dollar briefly dropped by 10 paisas, reaching Rs280.06 due to positive sentiments. However, with global research institutions predicting a significant increase in the dollar's value by mid-next year and growing demand for imports in the economy, the dollar's value rose by another 9 paisas, closing at Rs281.06 at the end of the trading day.

In the open currency market, the dollar closed at Rs282.78, up by 7 paisas, due to demand from Umrah pilgrims, students paying foreign university fees, and travelers heading abroad.