A long bounce of the dollar, the price went up by 24 rupees immediately

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The value of the dollar increased by 12 rubles to 255 rubles in the open market and reached 255.28 rubles in the interbank market from 24.39 rubles. 

KARACHI: With the stock exchanges' decision to free the dollar and leave it to market forces, the value of the dollar suddenly rose. 

The US currency rose higher on both currency markets. In the open market, the dollar took a big jump and the value of the dollar increased by 12 rupees to 255 rupees. 

The dollar also rose by 24.39 rupees to 255.28 rupees in the interbank market. 

Due to scarcity of dollars in the market, it was already likely that the dollar opening rates would rise above the 250 rupee level. 

The rupee has been under constant pressure against the dollar since July due to the currency crisis. a gray market was created where dollars were available in abundance, but in this market, the dollar price was 15 to at Rs 20 higher than the legal open market. 

Not only dollar seekers, but also sellers had turned to the same gray market for higher prices, which affected the activity of the open foreign exchange market, where the demand of dollar seekers was evident, but the sellers in the open market. the market. They did not return.

Faced with this situation, stock exchange companies have adopted the policy of the free market mechanism, releasing the value of the dollar in the open market last night. 

Sources say that due to the scarcity of dollars in the open market, the open rate is expected to rise gradually.In this regard, Pakistan Exchange Companies Association chairman Malik Bustan told the Express inquiry that due to the shortage of dollars, the exchange companies have kept the value of the dollar loose. 

He said that we have no supply of dollars and therefore we are unable to stop the flight of the dollar in the open market. 

He said that the State Bank should provide 20% of the remittances coming through the exchanges, which is currently suspended, and likewise the second level banks should provide the imported dollars against the different currencies that the exchange companies export. Do not do it. 

He said that in the open foreign exchange market there are only buyers of dollars, while sellers are absent.