Different currencies include Pakistani Rupee, US dollars, euros, dirham, pounds, yen etc.Ĭheck the currency updates via online tool One needs to exchange the currency while visiting any other country. Every country has its own specific currency that is valid and in use only in that country. Currency can be used in various forms all of which serve as the basic medium of exchange. Published in Dawn, May 18th, 2023 Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.Currency is any country’s system of money. This has resulted in a low volume of imports of dollars against foreign currencies from Dubai, thereby exacerbating the shortage of dollars in the market. “The demand for Saudi riyals has increased with the start of Haj flights from Pakistan,” said Mr Bostan, adding that due to the very limited availability of Saudi currency, the exports of currencies to Dubai have significantly decreased. In April, the country received just $2.2bn while the market was expecting $2.5bn due to traditionally higher inflows during the holy month of Ramadan. Mr Bostan said the remittances also declined by 29pc or $3.4bn to $22.741bn during the July-April period of 2022-23 from $26.143bn due to the very high rate being offered by the hawala market (grey market). They believe that if the crisis continues, there will be no end to the appreciation of the dollar. Most of the currency dealers have complained that the ongoing political crisis is the primary reason for the increase in the dollar price. The government has been unable to convince the International Monetary Fund to release the pending tranche of $1.1bn, while inflows in the shape of foreign direct investment and remittances were also declining. The State Bank of Pakistan has been trying to manage the exchange rate with limited resources as its forex reserves stand at $4.4bn. “Today banks provided some cash dollars in Karachi, but currency dealers in other parts of the country could not get dollars, which escalated the dollar prices unexpectedly high,” he said. He said the open market rates were surging as banks were reluctant to pay dollars imported by the exchange companies through banking channels after converting other foreign currencies into greenbacks in Dubai. ![]() ![]() “There is a shortage of dollars in the open market and it is more serious in other parts of the country compared to Karachi,” said ECAP chairman Malik Bostan. On Tuesday, the rupee remained stable against the dollar and closed at 284.96 in the interbank market.Įxchange rate gap with interbank widens to Rs14.30 ![]() This rate was Rs14.30 higher than the interbank rate of Rs285.40 against the dollar on Wednesday. The dollar was traded as high as Rs301 in the open market while the Exchange Companies Association of Pakistan (ECAP) reported the closing price as Rs299.70. KARACHI: Once again the dollar breached the Rs300-barrier in the open market on Wednesday, widening the exchange rate differential to over Rs14 compared to the interbank market.Ĭurrency dealers said the shortage of dollars was the main reason for the price hike, however, other factors also influenced the exchange rate in the open market.
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