Dollar rate increases by Rs 3 during last one week
13 June, 2012
LAHORE: The dollar rate has increased by Rs 3 during the last one week and it has been jumped from Rs 93 to Rs 96 in the open market.
The capital market sources said that the reasons behind the decline of rupee against dollar were that the State Bank of Pakistan (SBP) was not releasing the dollars for interbank and there was a serious shortage of dollar in the open market. The official rate of dollar for buying is Rs 94.30 and selling at Rs 94.36. Unfortunately, the dollar was not easily available according to official rates and moneychangers were selling the dollars above official rates. In the open market the buying rate of dollar was Rs 95.60 and selling rate was Rs 96, according to sources.
A moneychanger Bilal Bhatti said that the government was not releasing the dollars according to the market demand. He said the big dealers have stocked dollars with a view to earning illegal profit. Due to high rates of dollars, students, visitors and people who need medical treatment abroad were the worst suffers.
He urged the government to take strong action against the big fish to curb the black marketing. On Tuesday, the dollar rate further increased by 30 paisas due to currency shortage and nobody knows where the rates would settle, Bhatti added.