Dollar rate increases to Rs107.5 in open market
Forex Association calls on SBP official; assured of no move to devalue rupee
KARACHI: The ongoing political situation in the country has increased the open-market dollar rate to Rs107.50.
On the other hand, the State Bank of Pakistan (SBP) has said they will not decrease the value of the Rupee.
A delegation of the Forex Association called on SBP Foreign Exchange Executive Director Irfan Ali on Friday and expressed concern at therise of the dollar rate in theopen market.
The association's president, Malik Bostan, said the demand for the US Dollar has increased due to theuncertain political situation in the country and rumours of rupee devaluation by the government.
This has caused aRs2 difference in the exchange rate between the inter-bank and open markets.
Bostan said they need a steady supply of dollars to fill this gap.
The SBP official said thegovernment has no plans to devalue the rupee and assured the association of a steady supply of dollars as per their requirement.
Moreover, the dip in the Pakistan Stock Exchange continues as the KSE-100 index dropped over 650 points on Friday, taking the present level to around 39,580.