The US dollar continues to maintain its supremacy against the Pakistani rupee and reached a record exchange rate in the interbank market, while it saw a dip in the open market.
On Tuesday morning, trading started with the American currency gaining 61 paisas and attaining a record high value of Rs306.25 in history.
Later in the day, the mighty American currency gained further strength of Rs1.46 in the interbank market and reached the historic high value of Rs307.10.
Whereas, in the open market, the dollar witnessed a massive dip in its value against the rupee. The rate of the American currency fell from Rs330 to Rs322 in the open market – registering a drastic decrease of Rs8.
In the open market, the dollar has witnessed a fall after gaining Rs36 over 25 days.
The currency has recorded a difference of Rs15 in its values in the open and interbank markets. The difference previously was Rs24.
On Monday, in a meeting with traders, the army chief had vowed to take action against the dollar mafia. Gen Asim Munir has also mentioned an investment of $75 billion from friendly countries.
Meanwhile, the administration’s crackdown in the open currency market has reportedly led to a drop in its rate against the Pakistani rupee, as plainclothesmen of security agencies have been deputed outside exchange companies.
As per Malik Bostan, president of the Forex Association of Pakistan, the administration had been requested to depute security officials in plain clothes outside exchange companies.
This step has led to a fall in the rate of dollar in the open market, he claimed.
An exchange company head, Zafar Paracha, said they had submitted a written complaint to the State Bank of Pakistan in this regard.
He stressed that there was no law under which security officials can be stationed at exchange firms.