amercan dollar
Karachi/Lahore. The value of dollar has been increased for 4.5 rupees in the inter bank market in one day. With the increase in the price of dollar, the loans of the country were increased to 480 billion rupees. The financial experts gave the suggestion to freeze the price of dollar.
Rs.7 increase in inter-bank rate of dollar
The price of dollar in the open market was Rs.120 in the morning and it was closed at Rs.116. the price of dollar was increased to Rs.7 in a day while its price was increased to rupees 4.5 if compare to the previous day. The price of the dollar was increased to Rs.7 in the open market
Translations decreased from $19 Billion to 17 Billion
According to the sources, the exports of the country, decrease in transaction and with the consecutive increase in the import bill, the pressure will be increased and the rate of dollar will be increased. Now the exports of Pakistan are 53 billion dollars and imports are 20 billion dollars. The transactions are reduced from 19 billion dollars to 17 billion dollars and the country is facing the deficit of 16 billion dollars. We have the foreign exchange reserves of 14 billion dollars. We have to pay 17 billion dollars to pay the external debt. We have to consume all over foreign exchange reserve of 14 billion dollars to pay the external debt of 17 billion dollars. We have to get 3 billion dollars more and to meet it, we have only one option to reduce the rate of rupee and increase the rate of dollar and the government has used this option. The government bought the dollar from the market and the rate of dollar was increased.
dollar
According to the leading economists of the country said that our imports are continuously increasing and our exports are reducing. The transaction of the overseas Pakistanis was reduced to 2 billion dollars, which is very alarming. They suggested that state bank should take immediate notice of the situation and freezes the rate of dollar otherwise its rate will be increased more. Due to high losses of the external accounts, decrease in the foreign exchange reserves and other factors, the rate of rupees was reduced in the foreign exchange markets.
According to Forex Association of Pakistan, the foreign exchange markets were caught in the fix due to the external debts. During the business, the dollars was watched at Rs.116 and to avail the situation, some small banks quote the inter-bank rates of the dollars as Rs.118 and Rs.118.5.
Exchange of Dollar suspended for one hour
The president of Forex Association of Pakistan told that due to sudden increase in the inter-bank rate of dollar, the open market faced the critical situation and the exchange of the dollar was stopped for one hour. The activities in the open market were restored at about 12:30 pm and the dollar was traded at 114.5 to 115.50 rupees in the open market.
Government Hidden Attacks on Public
Due to unexpected reduction in the rate of rupees in the open currency market, the usual buy and sell of dollar was reduced to 90 t 95% and no big deal of the US dollar was done there. The Forex Association said that government attacks on the public hidden and they attacked on the public like a drone. The advisor of the finance announced not to take the dictation of IMF but they reduced the rate of rupees unannounced. The Forex Association contacted with the officials of the State Bank and they informed them about the critical situation of the currency market.
Inflation Increases with Increase in Dollar Rate
The ex president of Karachi Chamber of Commerce said that the exporters do not have the US dollars at the rate of 118.50 rupees. The exports of the country cannot be increased by devastating the Pakistani rupee. The experts say that due to increase in the rate of dollar, the inflation will be increased due to increase in the rate of dollar. The volume of the external debt was increased on the payable debt of $88.89 billion within few hours on Tuesday.
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