Rupee Rises yet Again as Dollar Falls

Pak Rupee has yet again seen rising against the dollar as more people are observed selling their holdings in the open market. The exchange companies are depositing around $300 Million in a month as a result of this.

In the interbank market, the dollar is sold at a low rate, says SBP the interbank rate is Rs158.33. However, the banks have claimed that the rates were even lower than this. ECAP - Exchange Companies Association of Pakistan reported that the rate is 158.10 - 158.20. However, the selling rates are 157.80 and 158.20. Ultimately giving rupee a push against the dollar in the market.

Malik Boston President Forex Association of Pakistan exclaimed that.“Since the dollar has been falling on a day-to-day basis the savings of Pakistanis started coming in the open market which further created pressure on the exchange rates,”

Exchange Companies are depositing around $300 Million a month in banks.

Malik Boston further added to the context. “The liquidity is so high that we are depositing on average $10m to $12m per day in the banks. Buyers are extremely thin in numbers,”

The exchange firms deposit around $290 Million in the banks for the month of September. The first quarter of the fiscal year observed that such companies deposited $300 Million in banks per month. That too on an average.