Dollar surges past Rs287 amid economic growth and import demand

Karachi: The trend of rising dollar value continued in both the open and interbank markets.

Efforts to achieve a 4.2% economic growth target for the new fiscal year, increasing import activities, and the pressure of external debt repayments kept the dollar’s ascent ongoing on Thursday, pushing the open market rate beyond Rs287.

Positive developments such as a 7.9% increase in remittances to $3.4 billion in June, a $1 billion syndicated loan agreement between the government and Dubai Islamic Bank, and the introduction of Panda bonds briefly brought the dollar’s value in the interbank market down by 10 paisas to Rs284.36 during trading hours.

However, with Pakistan’s economy entering a growth phase and rising demand for imports, the dollar’s value increased by another 10 paisas by the close of trading, settling at Rs284.56.

Similarly, in the open currency market, the dollar surged by 50 paisas due to growing demand for foreign exchange, closing at Rs287.50.