The State Bank of Pakistan has been trying to manage the exchange rate with limited resources as its forex reserves stand at $4.4bn. “Today banks provided some cash dollars in Karachi, but currency dealers in other parts of the country could not get dollars, which escalated the dollar prices unexpectedly high,” he said. He said the open market rates were surging as banks were reluctant to pay dollars imported by the exchange companies through banking channels after converting other foreign currencies into greenbacks in Dubai. “There is a shortage of dollars in the open market and it is more serious in other parts of the country compared to Karachi,” said ECAP chairman Malik Bostan. On Tuesday, the rupee remained stable against the dollar and closed at 284.96 in the interbank market.Įxchange rate gap with interbank widens to Rs14.30 This rate was Rs14.30 higher than the interbank rate of Rs285.40 against the dollar on Wednesday. The dollar was traded as high as Rs301 in the open market while the Exchange Companies Association of Pakistan (ECAP) reported the closing price as Rs299.70. Please contact Customer Support Department if you need any assistance.KARACHI: Once again the dollar breached the Rs300-barrier in the open market on Wednesday, widening the exchange rate differential to over Rs14 compared to the interbank market.Ĭurrency dealers said the shortage of dollars was the main reason for the price hike, however, other factors also influenced the exchange rate in the open market. By continuing, you declare that you have read, understood and accept the Terms and Conditions and you agree to open an account with EF Worldwide Ltd. Please contact Customer Support Department if you need any assistance.įor regulatory and compliance purposes, based on your selected country of residence, you will be directed to and your trading account will be registered with EF Worldwide Ltd – Seychelles which enjoys the same high level of security and services. Please contact Customer Support Department if you need any assistance.įor regulatory and compliance purposes, based on your selected country of residence, you will be directed to and your trading account will be registered with EF Worldwide Ltd – British Virgin Islands which enjoys the same high level of security and services. By continuing, you agree to open an account with Easy Markets Pty Ltd. Please contact Customer Support Department if you need any assistance.įor regulatory and compliance purposes, based on your selected country of residence, you will be directed to and your trading account will be registered with Easy Markets Pty Ltd which enjoys the same high level of security and services. By continuing, you agree to open an account with Easy Forex Trading Ltd. For regulatory and compliance purposes, based on your selected country of residence, you will be directed to and your trading account will be registered with Easy Forex Trading Ltd which enjoys the same high level of security and services.
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