The dollar has crossed Rs. 300 in Open Market on Wednesday, increasing the exchange rate to above Rs. 14 comparing to the interbank market.
The Exchange Companies Association of Pakistan (ECAP) stated that their winding up price was Rs. 299.70, Meanwhile, the dollar was traded at Rs. 301 in open market. According to the currency dealers, the scarcity of dollars is the principal reason behind this surge combined with the other factors determining the exchange rate.
Malik Bostan, the ECAP chairman, has also stated that the unwillingness of banks to pay dollars brought in by the exchange companies after changing the foreign currency into greenbacks is also the reason behind this upsurge.
The currency dealers are claiming the upswing in dollars is due to the political unrest in country and it can go beyond the limits if the situation continues to remain uncertain.
