Forex Association President Malik Bostan has said that according to theiranalysis, if foreign investment comes in, the exchange rate may go up to250 rupees per dollar. He mentioned that exchange companies are currentlyselling dollars, and if this trend continues, the rate may drop below 300rupees per dollar next week.
He also stated that there is an ongoing effort to restrict exchangecompanies under a well-thought-out plan, even though exchange companiesoperate globally. In the past three days, State Bank has accumulated 3million dollars, which is the foreign exchange reserves held by allexchange companies. If this situation persists, the rate may drop below 300rupees per dollar next week.
They have expressed confidence in the arrival of foreign investment in thecoming days, which, according to their analysis, could bring the rate downto 250 rupees per dollar.
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They mentioned that exchange companies have brought in 5 billion dollarsin Pakistan since 2010, with 3 billion dollars going through commercialbanks to the government and 2 billion dollars sold to the public. MalikBostan stated that closing exchange companies and selling foreign currencythrough banks would lead to losses due to bank collusion in the foreignexchange market.
