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Gap of open market and inter-bank rate of dollar surges to Rs10 today

Malik Bostan Khan, Chairman ECAP revealed that the open market was following the path of black market, where the dollar has increased to Rs235.

ISLAMABAD: Once again the gap between the open market and inter-bank trading of dollar has widened to almost Rs10 per dollar.

In the open market, the dollar-rupee exchange rate is hovering around 232 rupees on Tuesday while in the inter-bank this rate is fluctuating around 222 rupees.

In the open market, the value of dollar has increased sharply since Friday when it was trading at Rs223 and by Tuesday the dollar-rupee parity increased to 232 rupees as the currency dealers said the import of onions and tomatoes from Iran and Afghanistan has impacted the value of dollar.

On Tuesday, the US dollar rose by Rs0.14 in the first trading session to Rs220.

In open market, the US dollar was being traded at 232.

Malik Bostan Khan Chairman of Exchange Companies Association of Pakistan (ECAP) revealed that the open market was following the path of the black market, where the dollar has increased to Rs235.

He said the payment rates of LCs and credit cards in interbank market are also different.

Bostan said the import of onions and tomatoes from Iran and Afghanistan has also raised the demand for dollars.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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