Dollar in open market still away from SBP benchmark


KARACHI, July 25 (TNS): Dollar in the open market slipped by 45 paisa but is still away from the benchmark set by the State Bank of Pakistan (SBP) to keep the difference between open and inter-bank market up to one percent.

The dollar in the open market on Monday hit Rs 108.20 level, but selling from some investors on Tuesday clipped its wings. It is moving between Rs 107.50 to Rs 107.75 in the open market but demand was still on the higher side.

According to the dealers, the rate difference between bank and open market has been around 2 percent which should be around 1 percent as per the recent understanding reached between the central bank and exchange companies officials.

Currently at bank, dollar has been selling at Rs 105.40 while if benchmark of the central bank has to be maintained green back rate would be around Rs 106.50 to Rs 106.75.

According to an official of the exchange company the demand of the dollar has been on higher side as people wants riyal for their Hajj offering. During Hajj season the demand usually hit 225 million dollars and export small currencies including riyal halted, resulted in pressure on dollar.

He added, “That by August end the pressure would be diminished and the difference between bank and open market might comfortably reach up to 1 percent.