collected by :Irax John
In a meeting with currency traders on Wednesday, the SBP pressed them to bring down the dollar price as soon as possible.
Currency dealers told the SBP that the sudden fall of the rupee’s value by 3.1 per cent against the dollar on July 5 shattered market confidence.
Currency dealers said the inward remittance against the export of currencies other than the dollar dropped drastically in June to $79 million mainly because of Haj.
The open market is facing a shortage of the greenback as its demand is higher than supply.
The practice stopped in 2016 and now these Hajis also buy riyals (equivalent to $1,000) from the open market.
investigation into dollar price lift commences
As it stated in Dar immediately took notice of the spike in US dollar against the Pakistan Rupee in the interbank market.
Photo: FileKARACHI: The State Bank of Pakistan (SBP) on Tuesday began a probe into the largest single drop in the rupee’s value against the US dollar in nine years on July 5.
The minister said the surge in the dollar’s value was “surprising” and “artificial.”“The hike in the dollar was artificial and happened as a result of miscommunication between certain people.
The US dollar surged to its 2.5-year-high against the Pakistan Rupee in the interbank market on July 5 as it gained Rs3.12 to hit Rs108 after closing at Rs104.90 on Tuesday.
A transparent investigation into the matter would be conducted and we will gather all the facts, including who profited and who bore losses from this hike,” he asserted.
As it stated in The home got its first $4 million price cut just three weeks ago.
The East Hampton estate, which spans 10,000 square feet across six acres of land
, just went down in asking price again, cutting $6 million from the price tag.
Listed with agents Ed Petrie and James Petrie of Compass Real Estate, the home has seven bedrooms and nine and a half bathrooms.
Inside, there is plank-wood flooring, coffered ceilings, ocean views, and a fireplace with a carved mantle in the master bedroom.
The topic of conversation this time around is, again, the price.