Dollar price reaches four-month high in Pakistan
The dollar’s price in the open market crossed Rs159 barrier in the open market on Wednesday, which shows the greenback at a four-month high. But experts say the dollar rate may fall in July.
According to experts, the main reason for the
weakening rupee or dollar rate increase is the June effect. June is the last
month of the fiscal year and businesspersons and importers have to fulfill their
commitments before the end of the fiscal year.
“It’s mainly due to the month of June,” said Malik
Bostan, the chairperson of the Forex Association of Pakistan. “Since the year
is about to close, people have to fulfill their commitment of payments. For
that, they need to buy dollars.”
He added that people expect taxes and duties might
increase in the budget, importers start importing before the new taxes and
duties become applicable with the start of the new fiscal year in…