Islamabad: Despite taking notice of the dollar value increase in the open market, the State Bank failed to halt the spike of the dollar. While it reached a new highest level of Rs 119.50.
Regarding the increase in the value of the dollar to that of the rupee, the officials of the state bank and exchange companies’ members have also conducted a meeting. According to sources, because of the demand for dollar in the open market, State Bank had assured to provide the dollar in the open market on the basis of need. But, its promise seems unprofessional. According to the president of the Forex Association, Malik Bostaan, the dollar became more expensive in the open market. And now, the $ has reached to 119.50 Rs of the highest level in the open market.
Malik Bostaan further stated that due to the political situation and budget, investors are purchasing dollar. While on the other hand, the dollar remained on 115.62 Rs in the interbank. And there arose a difference of Rs 3.88 in the value of the dollar between the interbank and the open market.