SBP urges forex companies to help strengthen rupee against dollar
KARACHI – The State Bank of Pakistan has been showing concerns about the appreciation of the dollar in the open market. Its officials held a meeting with representatives of the exchange companies and asked them to bring down the dollar rate.
The meeting was chaired by SBP Governor Ashraf Mahmood Wathra.
Dollars are imported against the export of foreign currencies to Dubai. Local demand for dollars has been rising while short supply from Dubai has aggravated the situation.
FAP President Malik Bostan explained that there is demand of 10 million US dollars in the market as against the supply of five to six million dollars, which include workers remittances and cash foreign currency.
This situation is pushing up the dollar s rate in the free market, he maintained.
Money changers said the SBP’s decision will improve the supply of dollars and bring down its rate in the open market. The dollar rate is about Rs109 in the open market and Rs105 in the interbank market.