Troubled with the surging rate of US dollar in the open market, the State Bank of Pakistan (SBP) has invited currency dealers to help regulate it.
On Monday, the greenback touched Rs. 144 – its highest in history – but closed at Rs. 142.7 in the open market.
The SBP asked exchange companies for their assistance to keep the dollar in control.
President of the Forex Association of Pakistan Malik Bostan who was part of the meeting said,
The State Bank asked us not to charge more than one percent over the interbank rate; we are already within that range.
Some major currency dealers in the open market traded dollar for as high as Rs. 143 on Monday before it slipped down back to Rs. 142.70 at the day’s close.
However, other than some big fishes, a large part of the market traded the greenback for Rs. 144.
Due to the rapid increase, the dollar remained unavailable for the most part of the day as traders were more interested in buying the greenback instead of trading.
However, it remained steady at Rs. 141 against the local currency in the interbank trade.
“There was no major change as we closed at Rs. 140.90 on Monday, from Rs. 140.90 on Friday,” said a senior banker dealing in the currency market.
However, traders in the open market suggest that there’s not much demand for the US Dollar in the market, mainly due to the massive buying of Saudi Riyals for Umrah and Hajj.
He added that there were not enough riyals available to be exported to Dubai in exchange for an equal amount of dollars in the country.