Gold and Dollar Prices
In recent days, the price of the dollar had reached 305 rupees. Banks have promised to restore supply, if the trend continues, the dollar will fall below 295. Gold and dollar prices will fall in the coming days. Malik Bostan
Chairman of Exchange Companies Association of Pakistan Malik Muhammad Bostan said that the prices of gold and dollar will decrease in the coming days.
During an interview, he said that the dollar rate had gone to 305 rupees in the past few days. When the Governor requested the State Bank for non-availability of dollars, he directed the banks to pay the withheld dollars immediately.
The dollar fell from 305 to 298 as banks lent $5 million to exchange companies today. Banks have promised to restore supply, so if this trend continues, the dollar will fall below 295. Malik Bostan said that there is a difference of ten rupees between the interbank and dollar open rates. Gold and dollar prices will fall in the coming days.
Malik Bostan said that the government’s Diamond and Gold Card scheme for overseas Pakistanis would help in increasing the inflow of remittances. The measures taken in the new federal budget for overseas Pakistanis are likely to increase remittances from the current $2 billion to $2.5 billion to $3 billion in the coming months.
According to experts, the non-repayment of the $2.1 billion loan by China continues to put pressure on the rupee in the interbank market as Pakistan has to repay $3.6 billion by June 2023. While the value of domestic foreign exchange reserves is around 3.9 billion dollars.
In the remaining two weeks of this month, pressure on payments and the absence of a debt rollover from China are likely to push the dollar interbank rate higher. On the other hand, the price of dollar has decreased by Rs.5 in the open market. The dollar is selling at Rs 295 in the open market.