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.