According to the State Bank’s data the rupee value is low against the US dollar to an all-time.Now the value of one dollar is reached to Rs.119.35 in the open Market on Friday.This value of rupee against US dollar has reached its record lowest value ever.
Dealers additionally said: In Pakistan the market was short of dollars on account of the focal bank`s purchase/swap tasks.
By the day’s end ,Rs. 119.80 and 119.10 is reported by Dollareast Exchange Company and forex.Pk
The national bank has been purchasing dollars in the prepared market with a concurrent pledge to offer them back in future.
Currency dealer said : “There are usually a few import payments around this time”
RUPEE VS DOLLAR
Due to decreasing value of rupee most of dealer are attracted to buy Dollars in hope of better return in future . In any deal that involved buying or selling $500 or more,government of Pakistan set up a showing Id documents.Due to this condition by government the dollar supply is dropped in market from daily average ( $2 to $3 million ) to $1 million .
President of Forex Association “MALIK BOSTAN” said;
Buyers and sellers prefer to purchase and sell foreign currencies to unauthorized and unregistered currency dealers…this is the reason behind the low supply of dollars to legal currency dealers.”
Malik Bostan mention one more reason that putting up more pressure on rupee value’s.Malik also added that the demand of foreign currences is increased due to Ummrah .Malik addtionaly added that from december 2017 about 2 million people have already been issued visa for Umrah .
Last time Saudi riyal and Dirham were used to import dollars from dubai because at that time the Saudi riyal and dirham were in surplus.But this year Malik bostan added that :
“Such foreign currencies are not in surplus now which has impacted the flow of dollars to the open market as well”.