KARACHI. August 25, 2022. US dollar maintained its upward flight against the rupee in both interbank and open currency market on Thursday. USD traded at 219 in interbank against its last day’s value of Rs 18.50.
In open market traded made a gain of Rs 1 and traded at 226 . Its rates was Rs 225 at closing of the currency market on Wednesday.
Nothing is working in support of the rupee. Even the prime minister visit to Qatar and an announced that Qatar will invest $ 3 billion in Pakistan has made no difference.
According to Forex Association of Pakistan (FAP), the rupee is under pressure due to some punitive measures taken by the Dubai government.
Dubai government’s restriction on visitors to show 5000 dirham on arrival has created serious pressure on Pakistan’s currency . The rupee was heading towards stability and was gaining substantially against USD and other currencies, but then the restriction of the Dubai government for visitors to have 5000 dirham on arrival at its airports created a new situation .
Since imposing of the new restriction of having 5000 dirham on arrival at Dubai airport Pakistan’s currency is under huge pressure and this factor has created a crisis in Pakistan’s currency market .
We were expecting good appreciation of the rupee value in weeks to come as Pakistan was hoping a bail out package, but new restriction of the Dubai government for visitors to show 5000 dirham has change situation for the worst for Pakistan , FAP chairman , Bostan Khan argued while taking to NEWSMAN on losing streak of the rupee.
Bostan Khan said “ Daily 20 to 25 flights land at Dubai airport from Pakistan and after new restriction of showing 5000 dirham at Dubai airport around 3 million dirham are flying out of Pakistan creating a shortage of that currency in local currency market .
He demanded that the government should take the matter to the Dubai government and seek waiver from the restriction of showing 5000 dirham on arrival at Dubai airport .