The ominous news breaks: Dollar surges past Rs300 in the treacherous open market.

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The dollar has once again surpassed Rs300 in the open market, creating a difference of over Rs14 when compared to the interbank market. Currency dealers operating in the country have attributed the price hike to the shortage of dollars. However, there are other factors that are influencing the exchange rate in the open market, according to experts. The State Bank of Pakistan has been actively trying to manage the exchange rate with limited resources, as its forex reserves currently stand at $4.4bn. The government is also struggling to convince the International Monetary Fund to release the pending tranche of $1.1bn, while inflows in the shape of foreign direct investment and remittances were also declining. The ongoing political crisis in the country is also being cited as the primary reason for the increase in the dollar price. Most currency dealers fear that if the crisis continues, there will be no end to the appreciation of the dollar. Remittances have also declined by 29pc or $3.4bn to $22.741bn during the July-April period of 2022-23 from $26.143bn — due to the very high rate being offered by the hawala market.

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