KARACHI: Despite the dollar’s decline in both the open and interbank markets, the campaign against illicit currency dealers has managed to keep the exchange rate under control thus far.
The State Bank noted a devaluation of Rs. 1.05. The dollar’s closing price was recorded as Rs. 294.90. One day before, the dollar was valued at Rs 295.95.
The dollar has lost Rs12 in the interbank market since it peaked at Rs307, but the daily drop in dollar prices is increasing trust in the local currency.
Read More: Rupee’s Record-Breaking Run Against US Dollar Continues
With the sharp decline in open market dollar rates since the start of the campaign against illicit currency trading, confidence has increased even further. In the open market, the dollar dropped another Re1, closing at Rs296.
The administration finds great comfort in the rate differential, which is just above Re1. The differential should be less than 1.25 percent in accordance with the IMF’s Standby Arrangement.
How long this crackdown will last and how long this exchange rate can be sustained are the two concerns that are now plaguing the currency market.
According to banking industry sources, remittance inflows have resumed after the crackdown, and importers have received much-needed money thanks to stronger export revenue sales.
Open market currency dealers attested to the fact that remittance inflows have surged and that exchange firms have been daily selling banks excess millions of dollars.
Following the crackdown, purchasers have also grown wary and aren’t purchasing dollars on the open market.
Read More: Rupee Gains Massively Against Greenback in Open Market
Remittances could reach $2.5 billion in September, according to bank sources, up from $2 billion in the previous month.
Remittances through Hundi and Hawala have all but stopped as a result of the crackdown. The banking channel is now the target of the inflows.
Owing to a substantial black market, the nation lost $4.2 billion in FY23. Before coming to a deal with the IMF, the economy had to accept a number of conditions because the amount was so large that it could not afford.
According to currency experts, market trust in the local currency would return and domestic investment would increase if the crackdown persisted for six months.
Investments are at a stop right now. To cover its demands for operating capital, the private sector primarily borrows.
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