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Dollar price goes up by Rs 1 in open market

KARACHI – Dollar price went up in the open market by Rs 1 and it closed on Rs 112.50 as there was an increase in buyers of the US currency.

According to an exchange company representative, there was a high purchase of the US dollar which resulted in depreciation of Pakistani rupee.

It was also opined that the widening US-Pakistan rift may have also contributed in the rupee depreciation. The US President Donald Trump levelled serious allegations of deceit and lies against Pakistan, accusing the anti-terrorism ally of providing safe havens to banned terrorist outfits in the territory.

It should be noted that the Trump administration has reportedly decided to freeze aid worth USD 2 billion to Pakistan.

The surprising decision of SBP in respect of restriction upto 35% import of cash US Dollar against the permissible export of Foreign Currencies and 65% should be routed through Banks hurt the market mechanism and pushed the rate of US Dollar from Rs. 110.70 to Rs. 113.00. It amounts to cripple the wings of exchange companies to maintain demand and supply of greenback.

The banks do not cooperate and take minimum four days to settle the same. Previously on the suggestion of Zafar Paracha the Governor State Bank of Pakistan took decision and accorded permission to the Exchange Companies for importing Cash US Dollar to reduce the complaint for non-availability for Cash US Dollar and also eliminate the difference between Interbank and Open Market.

Mr. Zafar Paracha, Secretary General, ECAP, said that it could not be understand that how out of sudden the SBP withdrawn their permission and restricted upto 35% import of cash US Dollar. Zafar Paracha has requested the Minister for Finance and Governor SBP to recall the decision immediately lest the dollar will touch to PKR 115 or above.

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