KARACHI: The Pakistani rupee rose against the dollar on the open market on Thursday
After the National Bank of Pakistan (SBP) allowed banks to buy the dollar at interbank market rates for international credit card payments.
“For the first time in Pakistan, the dollar fell by Rs 27, ” Said Malik Boston, president of the Association of Securities Exchanges of Pakistan (CAP),
Congratulating Finance Minister Iraq DAR and SBP Governor.
Boston praised Dahl for responding quickly to his advice and for seeing the rupiah soar against the dollar.
The head of the money-changing trade association said commercial banks are buying dollars on the open market at high rates for credit card payments.
Boston said Dahl contacted him when the dollar reached Rs 315 and asked why the gap between interbank and open market rates was widening.
Boston said he expects the rupee to appreciate further as it is a test period until July 31st.
He added that pilgrims who used to buy dollars at Rs 315 will benefit from the move as they can now collect dollars at the much lower rate of Rs 285.
In a previous statement from CAP, it was reported that the dollar traded at Rs 300 on the foreign exchange market.
The US currency closed yesterday at 311 rupees. The SBP decision also follows a request from the International Monetary Fund
to rectify the foreign exchange market before Pakistan resumes its $6.5 billion bailout program."Based on the communications received from members,
The decision was made to allow retailers to buy US dollars
From the central bank said in a statement. Stated in the circular. Analysts had expected the rupiah to fall in value after the new rules came into effect.
CAP Secretary General Afar Karachi said SBP made the right decision at the right time, which will result in a Rs 20-25 depreciation on the open market.
According to him, the reduction of official and off-market interest rates will also lead to an increase in the inflow of remittances.
Preach added that a noticeable difference between official and off-market rates will encourage transactions outside the official banking system.
The ruble has fallen 23.6% since January on the interbank market.
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