After a long period of time, due to the lack of dollar in the open market, the value of the US currency increased in the open market compare...
After a long period of time, due to the lack of dollar in the open market, the value of the US currency increased in the open market compared to the interbank rate.
the Forex Association of Pakistan reported that the price of the dollar in the open market on Saturday was 218 rupees, while the price of the dollar was 214 rupees 65 paisa in the interbank market on Friday, the banking markets were closed on Saturday. are
Currency dealers said that the latest developments have led to a shortage of foreign currency, particularly the UAE dirham, which has led to a decline in exportable currencies.
Also Read: Marginal Depreciation Of Rupee In Interbank
Malik Bustan, president of Forex Association, said that every Pakistani must present 5,000 dirhams at the airport upon landing in the United Arab Emirates this week, which led to a sudden shortage of dirhams.
He further said that 21 flights from Pakistan reach Dubai every day in which a total of 4,200 Pakistani passengers board daily.
Recently, the Dubai authorities have instructed Pakistani citizens to keep 5 thousand dirhams with them when landing at the Dubai airport.
Read more: Dollar gains after nearly two weeks at interbank
A perusal of the data reveals that 4,200 Pakistanis need about 21 million UAE dirhams per day to land in Dubai.
Malik Bustan said that the dirham is not available in the open market while its value has also increased, the high demand for dirham has created a shortage of dollars.
Also, the government's new order has asked people to declare cash and other valuables with them at the time of departure and arrival.
Currency dealers say that declaring cash and valuables upon arrival in one's own country is unconscionable. In fact, this move has created fear among citizens that declared cash and valuables will get them out of trouble. Can suffer.
Also Read: Further improvement in rupee value, dollar hits Rs 221.91
Malik Bustan says that many people from the Middle East bring Rials and Dirhams, they also bring currency from their colleagues to give cash to their families in Pakistan, but after this move, no Pakistani It cannot take risks.
The inflow of foreign currencies into the open market has reduced to the range of $1 million to $2 million per day, as against the earlier inflow of around $4 million per day.
Currency dealers said that the open market may witness further shortages in the coming days as exportable foreign currencies have reduced.
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