We are weakening economy by investing in dollar: president Forex Association

KARACHI: President Forex Association of Pakistan Malik Bostan on Friday warned that those who were investing in buying dollars were actually undermining the economy, ARY News reported.

“We are weakening economy of the country by investing in dollar,” he said during a meeting with the executive director State Bank of Pakistan. They discussed ways to curtail demand of dollar.

Malik Bostan said supply of dollar in the country was from four to five millions while its demand was from seven to eight millions.

“The more dollar will be bought, the more its value will increase,” he said.

The president Forex Association of Pakistan said dollars would not be sold to gamblers and those hoarding the American currency.

He said dollars would be sold to those going for Hajj pilgrimage or going abroad. He said dollars would be sold to the real customers only.

On April 3, the US dollar was trading at Rs141.35 in the inter-bank market.

The rupee’s value was dropping against the US dollar, as it hit highest level of Rs141.35 after surge of 26 paisas in the inter-bank market.

The experts had predicted the dollar may touch Rs150 but the recent dollar inflow had prevented the rupee from falling to that level.