KARACHI – Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan lauded the timely decisions taken by Finance Minister Ishaq Dar as the Pakistani rupee registered historic recovery against the US dollar.
The appreciation from the moneychangers’ trade body head after rupee gained Rs27 against the greenback in the open market on Thursday after hitting the record lows. The massive recovery recovery was witnessed after the State Bank of Pakistan relaxed rules for banks to buy dollars to clear international credit card payments.
In a statement, Bostan appreciated Dar for taking prompt action on his advice. He said the finance czar had contacted him when the dollar hit Rs315 in the open market asking the reason behind the significant gap between rates of interbank and open market.
The ECAP chairman said he told him that banks were purchasing dollars from the open market at high rate to settle the international credit card payments, creating more demand in the market.
He said upon hearing this, the finance minister took an action and issued a circular yesterday to allow the banks to buy dollars at the interbank rate. He hoped that the local currency will gain further in coming days.
He further said that the development would also benefit the pilgrims as they were buying dollars at a rate of Rs315 and now they could purchase it for Rs285.
Rupee gains massive recovery against US dollar after SBP relaxes rules for banks
