Dollar closes at Rs121.55 in interbank market

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Dollar in interbank recorded small increase of five paisa which only because some increase in demand from the importers, while in the open market it remained unchanged.

The dollar at the interbank rose 5 paisa to finish at Rs 121.55 while at open market it was at Rs 124.50 level. The most of the steam has been out and the dollar at interbank appeared to be settled down.

However, one leading analyst from the domestic bank said still the gap exists between payments and receivable so on any session, dollar might spike again. The current account deficit has reached to all time high of 16 billion dollars in the eleven months of the current fiscal year so financing needs still huge to fill the gap.

On the other hand the stock market 100 index increased by 267 points to finish at 41246 points, the recovery appeared after four successive sessions of decline which eroded the index by more than 2600 points.

Currency market and equity market largely depend on the outcome of the FATF meeting and numbers to arrive from the tax amnesty scheme. The deadline for tax amnesty scheme has been June 30, 2018.

The recently Federal Board of Revenue member said the government to achieve $3 to $4 billion from the scheme while independent analysts believed that if the government give extension number likely to increase by three times.

2018-06-27

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