US Dollar kept falling against Pakistani Rupee this month. The dollar was Rs. 313 / 314 in the open market on 31st May, however, dropped to Rs. 295 / 296 declining by 5.5% on 1st June.
The fluctuations seen in the value can be attributed to the decision of the State Bank to allow banks to buy dollars from interbank for international card payments. The initiative severely impacted the exchange companies producing a major Rs. 23 difference.
The General Secretary of the Exchange Companies Association of Pakistan (ECAP), Zafar Parcha revealed that the dollar fell by Rs. 3 in the open market on Tuesday. It was traded at Rs. 291 and Rs. 292 owing to lower demand but higher inflows.
In addition, the open market has observed an 80% drop as banks stopped buying from exchange companies. Moreover, the grey market keeps attracting remitters and importers as those importers who cannot open letters of credit without access to dollars purchased dollars at Rs. 305 on Tuesday.
However, the interbank has remained stable facing slight improvement in Rupee value as the State Bank revealed closing at Rs. 287.22 in comparison to Rs. 287.26 the previous day.
