The dollar reached a record high of Rs 176.30 in the open market

 The dollar reached a record high of Rs 176.30 in the open market

The dollar continued to appreciate against the rupee during trading on Tuesday and ended the day at a record high of Rs 176.30 in the open market.

The dollar continues to fly in the interbank market and for the first time in the history of the country, the dollar closed at Rs 175.30.

Yesterday, the dollar closed at Rs 174.55 in the interbank market, while in the open market, the dollar also crossed the level of Rs 176. In the open market, the dollar was bought at Rs 176.20 and sold at Rs 176.30. There is a record in history.

Currency dealers said the dollar has risen 11 percent in the interbank market since July and has risen 22 percent since January.

"We are seeing pressure on the rupee until an agreement is reached with the International Monetary Fund (IMF)," he said.

Earlier, according to financial data and analytics portal Mets Global, the dollar was trading at Rs 175 at around 12:30 pm on Tuesday, which had closed at Rs 174.43 yesterday.

The rupee depreciated by 37 paise as demand for the dollar soared, the report said.

Malik Bostan, chairman of the Forex Association, said rumors of delays in the outcome of talks with the International Monetary Fund (IMF) and the terms of devaluation of the rupee have caused a stir in the currency market and the dollar has risen by Rs 175 in the interbank market. The record level has also been crossed.

He said that after the requirement of biometrics, there is no demand for dollars in the open market while the arrangements for biometrics could not be made as it was supposed to be done with the help of NADRA.

Malik Bostan said that the rupee has depreciated by 11% since July, the stagnation in the interbank market and the approval of the IMF loan program may continue to put pressure on the rupee.

It should be noted that for the last several days, the dollar has been reaching new levels with each passing day, mainly due to the increase in imports and smuggling of dollars into Afghanistan.

The SBP, in an October 7 statement, directed the exchange companies to verify the required biometrics from October 22 for all foreign currency sales transactions equivalent to remittances of $500  and above.

The SBP has taken this decision to curb the outflow of dollars, especially in Afghanistan, which has seen a sharp rise in demand, which has destabilized the open market exchange rate.

In addition, media reports have surfaced in recent days that millions of dollars are being smuggled into Kabul after the change of government in Afghanistan.