Dol­lar rate ris­ing in open mar­ket

The Pak Banker - - COMPANIES/BOSS -

De­spite the govern­ment pres­sure to con­tain the dol­lar rise against the ru­pee, the green­back was trad­ing at Rs107.70 in the open mar­ket, many cur­rency deal­ers con­firmed to­day. The gap in the rates of open mar­ket and the in­ter-bank was alarm­ingly high at Rs2.70 per dol­lar, which may push the in­ter-bank to get rid of the forced price of Rs105. Due to in­flu­ence and pres­sure from the State Bank, the Ex­change Com­pa­nies As­so­ci­a­tion of Pak­istan (ECAP) and Forex As­so­ci­a­tion of Pak­istan un­der-re­port the green­back price on a daily ba­sis, mar­ket watch­ers said.

Ac­cord­ing to the data pro­vided by th­ese as­so­ci­a­tions, the green­back was traded as high as Rs106.40-50 on Satur­day. One of the lead­ing cur­rency deal­ers and an of­fice bearer of ECAP con­firmed that they pro­vide data un­der pres­sure of the govern­ment. "We traded dol­lar at Rs107.60 on Satur­day but the dol­lar has al­ready crossed Rs107 much ear­lier," said An­war Ja­mal, a cur­rency dealer in the open mar­ket. "De­mand is high while the sup­ply has shrunk es­pe­cially af­ter the State Bank stopped sup­ply­ing dol­lars in the open mar­ket," said Za­far Paracha, Sec­re­tary Gen­eral of ECAP. About two months back the cen­tral bank started sup­ply­ing the green­back to cur­rency deal­ers and asked them to cut its rate by Rs2, but US cur­rency dropped by 50 to 70 paisas only and never came below Rs106.

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