After the passing of resolution to abolish Rs. 5000 currency note in Senate, there is much confusion and chaos among investors and common people which increased the demand of US dollar and other foreign currencies. After purchase of American and other top currencies by people in large quantities, the pressure on rupee in open market has increased and the rate of US dollar reached at 108.5 but later it recovered little and the rates closed at 108.1 PKR which is 10 paisa more than Saturday. But the value of US dollar in interbank market fell to 5 paisa after which its interbank rate reduces from 104.91 to 104.86 rupees after which the difference between the two markets reach to Rs. 3.24.
President Forex Association of Pakistan, Malik Bostan, said that the demand of dollar has increased a lot after the passing of resolution in senate to ban Rs. 5000 currency notes which is affecting value of rupee. As compared to dollar, the presence of other currencies has decreased 200%. Dollar is achieved in form of revenue by exporting other currencies but there is chaos in market after information about senate resolution.
Though, the opinion is given in the Senate resolution to abolish Rs. 5000 notes in 3 to 5 years but it has affected on public level immediately while both investors and common people are moving to secure their money in form of gold, foreign currency and bonds.
Malik urged people to keep their belief on their currency otherwise they will suffer when the dollar goes down. He also stressed on government to attain clear policy and provide confidence to people otherwise the situation will deteriorate further.
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