USD open market rate drops below interbank rate: Forex body

KARACHI: The exchange companies have deposited 20 million US dollar (USD) in the State Bank in two days, President Forex Association has stated on Thursday.

“The dollar’s open market rate has dropped below the interbank rate after a year,” Malik Bostan has said.

“The dollars’ buyers were scarce in the currency market today,” he said.

“The credit goes to the Army Chief,” Bostan said. “The task forces has been formed on our advice,” he further stated.

“Several agents of the black mafia have been arrested in crackdown of the task force,” he said. “Several others have gone underground into hiding,” Bostan said.

“The task force’s operation has restored supply of the exchange companies,” Forex Association official said.

The USD exchange rate in the open market today dropped between 302 to 305 rupees, Malik Bostan said. “There were scarce buyers despite drastic rate plunge of the greenback,” he added.

Pakistani rupee (PKR) has made impressive recovery against the US dollar (USD) in the open market in three days, earlier currency dealers said. “The banks selling the dollar to importers at Rs 305.70,” dealers said.

President Forex Association of Pakistan said that the US dollar has entered in the reverse gear mode and will come down to Rs 300.