Karachi: After a sustained rally in the open market, the dollar suffered a shock. Today, the open market price of the dollar fell further by Rs 11 to Rs 312.
Due to the ban on illegal transportation of currency, strict monitoring of exchange companies and crackdown on currency smugglers and facilitators, the price of dollar in the open market has decreased by more than 23 rupees in two days.
On Wednesday, the open rate of the dollar fell to Rs 312, while the interbank rate fell below Rs 307.
Interbank Rate
In the interbank market, limited volatility continued during the trading session, with the dollar at one point gaining 7 paise to Rs 307 16 paise and later falling by 23 paise to Rs 306 86 paisa. In the interbank market, the dollar lost 12 paise to close at Rs 306.97.
Open market
Due to the monitoring of law enforcement officials on the buying and selling of foreign exchange by exchange companies, the value of the dollar in the open currency market fell by 11 rupees, due to which the open rate of the dollar decreased from 323 rupees to 312 rupees. .
Speculators have disappeared from the open market due to fear of administrative actions and crackdowns.
It should be noted that following the open market for the last two to three weeks, the interbank market also had a tendency to increase the value of the dollar on a daily basis, which stopped on Wednesday due to administrative measures and after limited demand fluctuations, the dollar interbank The rate also decreased.
Sources said that reforms are being made in the structure of B-category exchange companies as part of administrative measures. Under the proposed reform program, B-category exchange companies will be merged into a larger company or merged with a full-fledged exchange company. Economists say that remittances are expected to increase to $2.1 billion in August.
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