KARACHI: The US dollar has witnessed a massive loss against the Pakistani rupee in the open market as the dollar has decreased by Rs 27 in the interbank market.Â
According to the details, the price of the US dollar decreased by Rs 11 rupees to Rs 300 in the open market. Yesterday also in the open market, the price of the US dollar decreased by Rs 1. The price of the dollar had risen to Rs 311.
The price of the dollar closed at 285 rupees 47 paise in the interbank yesterday. Chairman Forex Exchange Association Chairman Malik Bostan said that for the first time in the country’s history, the price of the dollar decreased by Rs 27.
Malik Bostan said that Federal Finance Minister Ishaq Dar and the Governor of State Bank deserve congratulations for their timely decisions. Malik Bostan said that for a long time, commercial banks were having to buy dollars at high rates for credit cards, when the price of the dollar in the open market was Rs 315, then Ishaq Dar contacted him.
Read more: Rupee gains 84 paisa against dollar in interbank
He said that Ishaq Dar asked the reason for the increase in the price difference of the dollar in the interbank and open market. “I said that commercial banks are forced to buy dollars for credit cards, this has also affected the open market,” he said.
Ishaq Dar, taking a timely decision, issued the circular yesterday. Malik Bostan said that the issue of the circular has affected the value of the dollar.  The Pakistan Forex Exchange Association says that the testing period will last until July 31. The dollar rate will fall further. Haji will be able to benefit a lot due to Ishaq Dar’s decision.
The dollar which was available at Rs 315, will be available at Rs 285 in interbank rates. Malik Bostan said that dropping the value of the dollar is not a difficult task, maintaining it is a difficult task.
