Rupee under pressure as dollar hits Rs284.40 in open market

Karachi: Due to various factors, the US dollar continued its upward trend in both foreign exchange markets on Tuesday, pushing the interbank rate beyond Rs282.

The rising demand and purchase activity from regulatory bodies for external payments, as well as a surge in pre-budget import agreements, contributed to the continued appreciation of the dollar in both markets on Tuesday.

During the early trading hours in the interbank market, the dollar briefly dropped by 9 paisas to reach Rs281.96. However, reports about the imposition of new taxes and an increase in existing tax and duty rates in the upcoming federal budget, along with the lack of new inflows from external sources, led to a supply-demand imbalance. This caused a rise in dollar demand after midday, and as a result, the dollar gained another 12 paisas, closing at Rs282.17 by the end of the trading day.

Similarly, in the open currency market, the dollar rose by 11 paisas, closing at Rs284.40.