US Dollar surged to 315 during trading sessions against the weakling Pakistani Rupee. Rate gaps between interbank and open markets are increasing.
International Monetary Fund (IMF) Led Structural adjustment suggested that rate gaps should not exceed 1.25% per cent.
Within a Week, the Rupee declined and the dollar soared to 315 as dealers rushed into sell and buying dollars at rates they think, it could increase their profit.
Currency dealers are buying and selling dollars at much higher rates as compared to Exchange Companies Association of Pakistan (ECAP) led data rates.
Currency Dealers suggest that there is a high demand for dollars in the market. The sharp decline of the rupee hit hard by the import increase.
Bankers suggested that dollar inflow is necessary in the country to stabilise the rupee.
Amidst all of this, the country is seeing tremendous amounts of changes in government and economic problems but things will improve once elections are held properly. A stable government would end this conundrum of Dollar hikes.
