Dear reader, please upgrade to the latest version of IE to have a better reading experience. Despite the government pressure to contain the dollar rise against the rupee, the greenback was trading at Rs The gap in the rates of open market and the inter-bank was alarmingly high at Rs2. According to the data provided by these associations, the greenback was traded as high as Rs One of the leading currency dealers and an office bearer of ECAP confirmed that they provide data under pressure of the government.
About two months back the central bank started supplying the greenback to currency dealers and asked them to cut its rate by Rs2, but the US currency dropped by 50 to 70 paisas only and never came below Rs Currency dealers said the dollar supply in small quantities from the central bank would not have any impact on the market. Recently the State Bank extended the deadline for import of the greenback from Dubai in exchange of foreign currencies up to April, helping the open market to receive dollars directly in their accounts thus reducing the time.
The dollar price has been forcibly capped below Rs, the dealers in the inter-bank market said, adding that the price could shoot up once the cap is removed.
Why dollar rate is going up it should be 60 rupee a dollar. Oil prices have come to 26 dollars a barrell from dollars a barrell. How you can reduce poverty. Support you on your take on present dollar rate. Jahangir khan Its not that simple my friend. Rates are determined by the market forces of supply and demand. How much demand there is in relation to supply of a currency will determine that currency's value in relation to another currency. For example, if the demand for U.
There are countless geopolitical and economic announcements that affect the exchange rates between two countries, but a few of the most popular include: The economy is turning low, exports are declining and debt repayment issues.
Demand of dollar for serving debts and import are higher and cannt b fulfilled just by exports and remittances. Plus more burden of debt repayment in dollars.. Dollar rate has no direct parity with Pak-Rupee. In Pakistan, dollar rate works with supply and demand equation. Since we have a sky-high demand of dollars due to huge corruption generated funds in need of hiding in dollars, its rate continue climbing directly in proportion of its rising demands.
That's also help Pakistan economy because it increase the remiteence of Pakistan. Today's dollar rate in Bangladesh is This is how it works: Then a few weeks later the whole thing repeats itself. The SBP and finance ministry is keeping the rupee artificially overvalued. In the process they are doing a lot of harm to the Pakistani economy. At some point this whole thing is going to get away from them and the rupee will depreciate very quickly.
You added to my point. This proves the imcompetence of the central bank adn teh govt at the helm. Dear reader, online ads enable us to deliver the journalism you value. Please support us by taking a moment to turn off Adblock on Dawn. Dollar rate rising in open market Shahid Iqbal January 24, Currency dealers misreport data under SBP pressure According to the data provided by these associations, the greenback was traded as high as Rs Currency dealers said that the market was short of dollars.
Published in Dawn, January 24th, Sindh helps improve cotton production. Comments 14 Closed Popular Newest Oldest. Jan 24, Jahangir khan Come again, didn't get you. You have an incompetent puppet sitting as SBP Governor. What do you expect? See what is the dollar exchange rate in Bangladesh? Dollar is going up because there no foreign invested,declining export,lack of tourism.
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