President of Forex association reveals method of reducing dollar value to Rs250
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Forex Association President Malik Bostan has said that according to their analysis, if foreign investment comes in, the exchange rate may go up to 250 rupees per dollar. He mentioned that exchange companies are currently selling dollars, and if this trend continues, the rate may drop below 300 rupees per dollar next week.
He also stated that there is an ongoing effort to restrict exchange companies under a well-thought-out plan, even though exchange companies operate globally. In the past three days, State Bank has accumulated 3 million dollars, which is the foreign exchange reserves held by all exchange companies. If this situation persists, the rate may drop below 300 rupees per dollar next week.
They have expressed confidence in the arrival of foreign investment in the coming days, which, according to their analysis, could bring the rate down to 250 rupees per dollar.
They mentioned that exchange companies have brought in 5 billion dollars in Pakistan since 2010, with 3 billion dollars going through commercial banks to the government and 2 billion dollars sold to the public. Malik Bostan stated that closing exchange companies and selling foreign currency through banks would lead to losses due to bank collusion in the foreign exchange market.
