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US Dollar to stabilize at Rs124.50- ECAP decision

KARACHI: The Exchange Companies Association of Pakistan (ECAP) has come to a decision on Friday, not to let the US dollar cross Rs124.50 in the open market.

A decision to this effect was taken after an embryonic meeting held a day earlier to discuss the ongoing rush in the prices of greenback.

General Secretary Zafar Paracha, ECAP has recommended general public not buy dollars gratuitously. Furthermore, he has appealed to all exchange companies across the country to abstain from illicit exploit and to maintain the rate at 124.50.

The rupee closed flat at 124.50 against dollar in the kerb market, after a hike of maximum amount of  125 on Wednesday.

Paracha said, “The interbank rate has stabilized so there is no need to buy and hold dollars unnecessarily as it will further strengthen the greenback currency.”

He also added, Pakistanis shall propel their remittance through formal channels, since transfer of funds through legal channels will enhance foreign reserves of the country.

The ECAP official said, “Money sent home by using unofficial channels like hundi/hawala makes the hard earned money into black money and ultimately will be impossible for the people to answer tax authorities.”

He directed general public to make foreign exchange deals through licensed exchange companies and to make sure to get receipts of each transaction in order to confirm that their transaction supports legal activity.

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