KARACHI: After staying stable for over a month and a half, US dollar crossed Rs 100 mark in the open market towards the end of this week, said currency traders.
Dollar crossed Rs100 by midday however returning back to Rs 99.85 by the close, said a money changer.
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The greenback breached the limit on Thursday as it was traded at Rs100.20. It again traded above Rs100 on Saturday but slipped back to Rs100 by the day’s end.
Experts said that the sudden jump in the greenback’s value came as some Pakistanis are set to fly abroad with their families during the summer vacations. The dollar demand has increased substantially because of buying by individuals ahead of these holidays.
Money changers said the buying trend is not new since hundreds of thousands of Pakistanis travel abroad in summer, either to enjoy as tourist or to join their relatives living abroad. There are millions of Pakistanis living all around the globe. Many invite their families or friends in their respective countries.
According to money changers, the balance of demand and supply has changed as the demand rose to 60 per cent while supply is not more than 40 per cent. They said buying pressure will continue.
The inter-bank market did not reflect the change in the exchange rate but currency experts said the pressure was mounting in the open market, not in the inter-bank.
Foreign exchange reserves of the country have increased to over $13 billion, including $4.8 billion of private banks. The fairly large size of the reserves has kept the exchange rate unchanged in the banking market, experts said.
