US Dollar crosses Rs300 in the inter-bank market for the first time in Pakistan’s history

The US Dollar crossed Rs300 in the interbank market for the first time in Pakistan’s history on Thursday.

In the interbank market, the rupee continued to depreciate and the green completed a triple century against the rupee.

According to the Forex Association of Pakistan, the dollar rose by 41 paise to a record level of Rs 300 and 4 paisa at 11 am today in the interbank market, while the dollar increased by Rs 2 to Rs 314 in the open market.

The dollar closed at 299.64 rupees in the interbank market after the loss of 63 paisa yesterday, while it had closed at Rs 299.01 a day earlier.

In this regard, Saad Bin Naseer, Director of Mets Global, said that the government and all stakeholders need to implement a strong strategy to eliminate the black market.

He added that it is very difficult to find dollars in the interbank market, while dollars are easily available in the open market at ‘black market prices’.

Despite the State Bank keeping the interest rate at 23%, people find it more profitable to invest in dollars, he added.

He further said that it would be better to restrict individual purchases and give the responsibility to the banks to handle the matter.

Chairman of Forex Association Malik Bustan said that more than 4,000 import containers are waiting for the release of goods after the end of the ban on imports. Ans since imports have also been allowed, putting pressure on the rupee.

He further said that due to the dollar becoming expensive in the interbank market, common people are also unnecessarily buying dollars in the hope that its value will increase further.

He added that as soon as the pressure on the interbank market eases, the dollar will return to its place, appealing to the public not to buy dollars unnecessarily in the profit cycle.