Dollar Reaches Rs. 300

Image: The News International

Dollar has once again crossed RS 300 in open market and the differential gap has reached RS 14 in comparison to interbank rates. According to currency dealers, shortage of dollar in the market is the major reason for this increase, however, other factors are responsible too.

Dollar was seen trading at Rs 301 in the open market on Wednesday and the Exchange Companies Association of Pakistan (ECAP) mentioned its closing price as Rs299.70.

ECAP Chairman said, “There is a shortage of dollars in the open market and it is more serious in other parts of the country compared to Karachi,”

He added, “Today banks provided some cash dollars in Karachi, but currency dealers in other parts of the country could not get dollars, which escalated the dollar prices unexpectedly high.”