KARACHI: Dollar’s winning streak against the Pakistani rupee ended Thursday in the open market as the foreign currency was being traded at Rs225 during intra-day trade.
The greenback lost Rs4 today after witnessing a hike for three days due to high demand causing a shortage in the currency market. The rupee closed at 229 per dollar on Wednesday.
Speaking to Geo News, top Pakistani currency dealer, Malik Bostan, said the imposition of a massive regulatory duty on 700 luxury items forced Pakistani traders to import products through Afghan Transit Trade, increasing demand for the dollar in Peshawar, where the rupee was trading at the 230-235 level.
“The open market is experiencing a dearth of UAE dirhams (AED) as the Gulf states made it essential for Pakistani travellers to disclose 5,000 dirhams at the airport at the time of landing. The most recent development has caused Pakistan's currency market to fall short of the AED, and the price of the US dollar in the kerb market has increased as a result of this as well,” Bostan said.
Railways working on plan to launch new train like Green Line Express between Islamabad and Karachi via Lahore
Under initiative, truck carrying electronic equipment has departed from Kashgar for Dubai via Pakistan
Senator Aurangzeb says while challenges are plenty, economic reforms require collective efforts
All available resources should be utilised to meet Nepra targets, instructs premier
Prudent fiscal management and strategic reforms paving way for sustainable economic growth, says monthly report
Benchmark index closes at 111,351.17, up 927.85 points or 0.84% from the previous close
