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Dollar value to drop by Rs5, says Forex Association head

Attributes it to boycott the dollar movement

SAMAA | - Posted: May 25, 2019 | Last Updated: 3 years ago
SAMAA |
Posted: May 25, 2019 | Last Updated: 3 years ago

The head of the Forex Association of Pakistan, Malik Bostan, believes the rupee is going to appreciate against the dollar by five to six rupees.

He said they had appealed to the nation to boycott the dollar and believes their efforts worked. In the next few days, its value will go up by five to six rupees in both the interbank and open market, he claims.

The rupee appreciated by Rs0.53 against the dollar on Friday. It closed on Friday at Rs150.91 in the interbank market and Rs151.70 in the open market.

Related: Hoarding dollars to earn profits is a sin: Mufti Taqi

This is the highest the dollar has ever been against the rupee. The value of the rupee dropped soon after Pakistan signed a three-year $6 billion bailout agreement with the IMF. It touched its highest rate of Rs153 in the open market on May 21.

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3 Comments

  1. Talha Niazi  May 26, 2019 4:44 am/ Reply

    I just want to say. Start This camping
    #selldollarsavepakistan

  2. Khurram  May 26, 2019 1:08 pm/ Reply

    Agreed

  3. Ahmad  May 26, 2019 7:22 pm/ Reply

    Govet need to increase 15% tax on buying and selling USD after 01 june, then you will see a great change

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dollar, pkr to usd, rupee, exchange rate, forex association of pakistan
 

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