The US Greenback once again rose against the local currency (PKR) in the open currency market on Friday, and touched Rs 108.00 mark owing to its shortage and low inflows of remittances, said market experts.
The dollar is being traded at Rs 107.70 for buying and Rs 108.00 for selling in the kerb market while it was stable at Rs 104.80 for buying and Rs 104.90 for selling in the interbank market. The exchange rates difference is almost Rs 2 in the open currency market and the interbank.
The pressure on greenback started in the open currency markets for last one month when the exchange companies received huge demand of dollars from gold importers, the inside source informed.
However, they did not know while they are registered or unregistered importers, they said adding that importers are buying the dollars in all cities of Pakistan which creates artificial shortage of dollar in the country.
“According to a rough estimate, the demand from gold’s importers exceeds $5 million per day in the kerb,” a currency dealer said.
The gold is being smuggled from Arab countries through routine flights in all over the countries, he added. The gold importers are earning Rs 2000 to Rs 2500 per 10 grams import from Dubai and other Arab countries owing to the cheaper gold rates.
In this connection, a meeting of Forex Association of Pakistan was held with governor State Bank of Pakistan (SBP) last week. The association had informed the SBP about the import of gold and other measures taken by them in this regard, said a representative of the association. He further said that he had sent a letter to the ministry of finance regarding this issue and requested to take action against the importers of gold.
On the other side, country’s rising trade deficit, reduction in remittances and foreign direct investment are also building pressure on the interbank markets, which increased by over 30 paisa during last five days.