irshi Videos News latest,
Karachi (Qudrat Daily) Due to the decision of the exchange companies to release the dollar and leave it to the market forces, the value of the dollar suddenly increased.
The US currency rose higher on both foreign exchange markets today. In the open market, the dollar took a long leap and the value of the dollar increased by Rs 12 to Rs 255.
The dollar gained 8.86 rupees to 239.75 rupees in the interbank market.
Due to the lack of supply of dollars in the open market, there was already a possibility that the open rate of the dollar would cross 250 rupees.
Due to the currency crisis, the rupee has been under constant pressure against the dollar since July. In order to control this, the exchange companies automatically froze the value of the dollar and continued to increase the value of the dollar, but because of this cap, a gray market was created, where dollars were available in abundance, but in this market, the dollar The price was 15 to 20 rupees higher but in the legal open market and not only the claimants of dollars but also the sellers looked to the same gray market for higher prices which affected the operation of the open forex market as the claimants of dollars The demand was visible from the side but the sellers were not turning to the free market .
With this situation in mind, the exchange companies adopted the strategy of free market system by freeing the value of the dollar in the open market last night.
Sources say that due to the lack of supply of dollars in the open market, the open rate is likely to rise gradually. In this regard, Malik Bustan, chairman of the Pakistan Stock Exchange Companies Association, told the Express inquiry that due to non-availability of dollars, the stock exchange companies kept the value of the dollar free.
He said that we do not have a supply of dollars so we are not in a position to stop the flight of dollars in the free market. He said that the Rikisbankinn should deposit 20% of the payments coming through the now suspended exchange companies, and likewise the commercial banks should also deposit the imported dollars against the various currencies exported by the exchange companies.
He said that in the open currency market, there are only buyers of dollars while sellers are absent.