KARACHI: The open market is finally running low on US dollars, which caused the price of the greenback to rise relative to the interbank rate.
The open market price of the dollar, according to the Forex Association of Pakistan, was Rs218 on Saturday, while the interbank rate was Rs214.65 on Friday. On Saturdays, all banking markets are closed.
Foreign currency, notably the UAE dirham, is in limited supply as a result of the most recent development, according to currency dealers, and as a result, exportable currencies have decreased.Pakistanis who arrive at Dubai airport are currently required to have 5,000 dirhams, according to Dubai authorities. According to the estimations, 4,200 Pakistanis need to pay around 21 million dirhams per day to fly to Dubai.
He added that the available foreign currency are exported to Dubai in order to bring back an equivalent quantity of US dollars because the dirham is no longer available on the open market and the price has increased. In fact, a shortage of dollars resulted from increased demand for dirhams.
The government is also asking travellers to disclose their cash and other valuables at the time of leave and arrival as part of a new initiative.The declaration of cash and valuables upon arrival in one’s own nation, according to currency merchants, is illogical and has actually given rise to apprehension that doing so could land one in legal trouble.
Many Middle Easterners arrive carrying riyals and dirhams in cash. Additionally, they bring cash from their coworkers to give to their family in Pakistan. No Pakistani can now accept this chance, according to Mr. Bostan.