Panic buying and speculation in Islamabad Pak rupee Artificial forced to beat a record at Rs 90.60 against the U.S. dollar on the open market during the last week in the week.The spokesman for the State Bank of Pakistan (SBP), said Syed Wasimuddin journalist that you would give the U.S. dollar as required by the free market SBP. He said there was no shortage of U.S. dollars, although demand was up 60 percent from 10 million to $ 15 million a day in the open market.
Thanks to the efforts of the PAS, the rupee has hit back at 88.50 rupees against the dollar this week, last week. The currency experts, Zaheer Ahmed, said last week the dollar demand has increased because banks have bought U.S. $ 2.5 million on the open market to pay the bill for the credit card on behalf of their clients.
He said the panic was mainly due to the deterioration of relations with the United States, indicating that Pakistan may witness declining supply of dollars in the future. "But were some reasons such as substantial declines in the euro and British pound against the dollar, the depreciation of Indian currency 10 percent against the dollar and profit of gold also considered good reasons to walk in the price of the dollar, "he added.
Specialist in foreign currency, Faheem Akhtar said that one of the significant impact on the dollar was hoarding was to expand the difference between the dollar and the rest of the bank's open market. He said the higher dollar prices of imports would increase even more, especially crude oil and shake investor confidence
