The dollar continued to rise against the Pakistani rupee. It crossed the level of 108 over the past two weeks, mainly due to a decrease in the open market controlled by the exchange companies and currency traders.
In the open market, being the dollar was trading at 108.20 against the rupee, which previously stood at 106.80 to 107.
Small traders have begun to deal in US dollars – in the first place to avoid the tax, which is 0.6 percent on the treatment of cash withdrawals and bank to the bank of more than Rs 50,000.
He cites the smuggling of dollars through Afghanistan and through airports as well as the reason behind the appreciation in the local market by local merchants.
Other factors include the dollar smuggling of different currencies is said to be in decline in the gold values in the global market. This led local investors to invest in the yellow metal alloys in the mall, Dubai.
The dollar rose to touch 104.90 rupees in the interbank market, which is also a source of concern for the government because it will not rise only bill for the country’s imports, but will also increase the value of the debt service, the amount you pay Pakistan as attention billion loans for their various banks.
Said Zafar Paracha, Secretary of the General Assembly, exchange companies of Pakistan (ECAP) dollar rally is the result of the past few weeks as exchange companies reserves drained dramatically.
Exchange companies experiencing scarcity in various currencies in Saudi Riyals mainly the United Arab Emirates, which Darham Export Import dollar against. He added that the value of different currencies in the secondary market and unregulated is the highest causing the flow of these currencies from the exchange companies to open dealers.
He said the terms of AML / KYC are annoying clients when trading with exchange companies. These companies included a complex process and information requirements unwarranted for sellers and buyers currency.
The depreciation of the rupee may see a change in the coming days, but should not be the currency and other flows of dollar supply in the market dropped to stabilize the balance of the dollar-rupee.
The dollar appreciated against the rupee values not be under control in the coming days whether the government and the central bank does not intervene in time.