Karachi: The downward journey of rupee against dollar continues as the USD value hit an all-time high of PKR 119.5 in the open market yesterday, according to a news report. Attempting to control rupee devaluation that surges due to panic buying, the State Bank of Pakistan held an emergency meeting with dealers a couple of days ago, and directed them to keep the gap between the interbank rate and the open market rate as low as possible.
In an attempt to tackle the situation, The Forex Association of Pakistan (FAP) has decided to sell dollar at a fixed rate, which will be determined thrice a day; at 10 AM, 12 PM, and 4 PM every day. This mechanism is expected to help currency dealers implement the instructions of the central bank regarding reducing the gap between the USD rate of open market and the interbank rate.
The FAP has determined the first fixed rate of the USD at PKR 118.7, till it announces today’s rate first recorded at 10 AM and later at 12 PM and 4 PM.
Dealers selling dollars at individual rates will be dealt with by the imposition of a fine of PKR 100,000, according to FAP President Malik Bostan. Violating the rule for the second time increases the penalty amount to PKR 200,000. The third violation comes with a penalty of PKR 500,000 and if the dealers makes another attempt, a formal complaint against him will be lodged with the State Bank. Reportedly, the dealers have developed a consensus on this decision.
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