From Zeeshan Mirza
Karachi: The Pakistani rupee continued to gain ground against the US dollar in the open market on Wednesday, rising by Rs4 against the greenback. According to the Forex Association of Pakistan, the rupee had gained Rs4 against the dollar and was changing hands at Rs313 at 12:15pm. It said that the dollar was selling for 313 in the open market while it was being bought for 310.
In the interbank market, however, the local currency decreased by 65 paisa to come to 306.45 from yesterday’s close of 307.10.
Malik Bostan, Chairman of Exchange Companies Association of Pakistan, said that the government and the relevant authorities had taken strict steps to control the “black market” which had resulted in the gap between the open market and the interbank to reduce.
He foresaw the difference between the two rates coming down to 1.25 per cent in the coming days. “The dollar rate in Afghanistan has also fallen which has stopped smuggling from here,” he said.
Bostan expressed the hope that the interbank and open market rates would soon return to normal.
Meanwhile, The dollar conceded seven rupees to local currency unit and trading at Rs316 in the open market, confirmed Forex dealers on Wednesday.
Pakistani rupee has gained ground in the open market as dollar’s rate dropped by 12 rupees in two days.
The dollar was trading for Rs306.90 in the interbank market and depreciated by 20 paisa, foreign exchange dealers said.
The banks providing dollars to importers at Rs 307.40 per dollar, currency dealers stated.
The local currency continued to depreciate against the US dollar on Tuesday in the interbank market and lost another Rs. 1.46 against the dollar, while it gained ground in the open market.
The dollar was trading for Rs307.10 in the interbank market when the market closed yesterday, rising by 0.48 per cent from the previous close of Rs305.64, according to the data shared by State Bank of Pakistan.
The US Dollar (USD) rate dropped in the open market yesterday after an administrative crackdown and deployment of plain-clothed law enforcement personnel at exchange companies across the country.
“The law enforcement personnel monitoring dollars’ sale and purchase in exchange companies,” secretary exchange companies body Zafar Paracha has said.
Plain-clothed law enforcement personnel have been deployed on the premises of exchange companies across the country.
“We had requested to the administration to deploy plain-clothed officials outside the exchange companies,” President Forex Association of Pakistan Malik Bostan stated. “Our members had complained that the black mafia agents giving headache to them,” he said.
“These agents trap the people, coming to the exchange companies for dollars, outside the premises of the companies,” Bostan stated.
