During the recent activities, some big exporter groups are trying to create instability in the market by buying US dollar in large quantities due to which the US dollar in the market has gained worth and reached the 17-month high rate of Rs.104.10 in the interbank market.
Earlier the US dollar was standing at Rs.102 but now it has appreciated by Rs.2.10. Experts are of the view that the decrease in value of rupee against US dollar under the current circumstances will cause inflation in the country.
On the other hand, currency dealers are of the view that Hajj pilgrims are the biggest buyers of foreign currencies especially Saudi Riyal and US dollar due to which dollar has gained value against Pakistani rupee.
The State Bank of Pakistan (SBP) has recently allowed dealers to bring dollars from Dubai directly in their accounts in Pakistan instead of surrendering dollars to a bank and then getting them within a week’s time. The step was taken on demand of currency dealers and for speedy supply of dollars in the open market.