KARACHI: October 13, 2022: US Dollar regained driving seat in the domestic currency market as it appreciated by 75 paisa at the end of first session of Thursday.
With the latest increase in US dollar value it closed at Rs 218 against Rs 217.25 in interbank. It secured major gain of Rs 1.50 in the open currency market and closed at Rs 219.50 against its last day value of Rs 218 to a rupee.
US dollar had depreciated by Rs 25 against the local currency on return of Finance minister Ishaq Dar and market experts were hinting at further decrease in US dollar value in coming days. However, after losing value for consecutive 13 sessions, US dollar has rebounded and taken over the rupee in the interbank and open market .
There are two reasons of bringing US dollar back on driving seat aginst the local unit. Frist , the government decision of allowing issuance of letter of credit (LoC) up to 50000 US dollar value for facilitating the businesses which are forced to shut down their activities for not having inputs or spare parts etc to restart their industrial or business activities
Upward trend in US dollar value would be a great challenge for Finance minister , Ishaq Dar, who soon after his return to Pakistan, had categorized fixing up artificial value of US dollar as his first priority.
