KARACHI: As the value of the dollar fell, the exchange companies started depositing dollars to the State Bank of Pakistan.
According to the details, since the crackdown on dollar speculation has intensified, exchange companies have started reducing their dollar reserves, fearing that the dollar will fall further.
According to State Bank of Pakistan sources, the exchange companies started depositing dollars to the State Bank of Pakistan, Due to the increase in the value of the dollar, the exchange companies were holding dollars.
By intensifying the action against the black market, the value of the dollar will decrease further, and exchange companies will buy the dollar in the open market at Rs 305. They were not bringing in dollars waiting to be sold and expensive.
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Sources say that the rush of dollar sellers in the open market has increased, as soon as the country’s reserves improve, there are chances that the value of the dollar will fall below 300 rupees. At this time, the dollar has become cheaper by 2 rupees 48 paisa to 304 rupees 50 paisa in the interbank. , while the dollar has become cheaper by Rs 4 to Rs 308 in the open market.
According to Zafar Pracha, exchange companies have started selling dollars to the State Bank due to the decrease in dollars in the open market. This process has been happening in the past as well. There is, and there is a rush of dollar sellers rather than sales over the counter of exchange companies.
He said that today there is a rush of more dollar sellers around 30 percent, due to the lack of dollar demand and more sellers, the dollar will come down further in the interbank and open market.