Global News

[ad_1] KARACHI: The currency dealers have unanimously decided to stop artificially keeping rupee overvalued against US dollar in open market and let the rupee-dollar exchange rate depreciate to its actual value. Speculations suggest rupee could gradually devalue to the level of black currency market in a couple of days. The domestic currency was available at Rs250-260 per US dollar in black market these days while the dealers had artificially maintained rupee-dollar exchange at Rs238 till Tuesday. "The association has decided to remove cap on rupee-dollar exchange rate," Exchange Companies Association of Pakistan (ECAP) President Malik Bostan said in audio and video messages after chairing a zoom meeting on Tuesday. Also read: Bleak news for the rupee in 2023 "The move would help eliminate black currency markets, increase flow of foreign currencies to the dealers and available to public (for international travelling, education and hospital fees and etc."

[ad_1] KARACHI/PESHAWAR: When the military was called on to help defend the ailing rupee, licenced foreign exchange traders cheered while their black market rivals in the bazaars of Peshawar, Karachi and other cities shuttered their shops before they got taken away. The campaign against the informal market has worked. Tens of millions of dollars have poured back into interbank and open markets, dealers say, since raids on black market operators began on September 6. The rupee, which plumbed record lows on September 5, recovered to below 300 per US dollar on the open market earlier this week, rallying more than 10% from levels prevailing before the clamp down to stand even stronger than the official rate. While there have been other attempts to curb the black market when the rupee has been under stress, the latest push came after licenced dealers requested army chief General Asim Munir take action, rather than leave it solely to the civilian caretaker government. Called to I