Unstable Exchange Rate

The exchange rate has been facing a supreme level of instability.

The State Bank reported the closing rate in the interbank market as Rs 137.75, while the bankers said that the dollar closed at Rs 137.65.

Different companies and bank quoted different rates which showed the turbulent nature of the market. Slight changes, rendered in both the interbank and open market.

“We were not allowed to sell a dollar for more than Rs137.65,” said a banker. The bankers demanded the State Bank to play an active role in bringing the stability in the exchange rate.

Currency dealers felt that the open market was more careful and it has higher rates of buyers than sellers.

Exchange Rates Stable

The Exchange Companies Association of Pakistan (ECAP) reported the closing rate of the open market was Rs138.50 which was 40 paisas higher than the closing rate, last Friday.

The exchange rates have stabled for the time being but the bankers are still not sure if the stability will be lasting.

 

 

 

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