ISLAMABAD – The US Dollar has reached the unprecedented level of itshistory in Pakistan.
US dollar reached over Rs 119 in the open market on Wednesday with certainmoney changers offering the greenback for as high as Rs 119.75 while in theinterbank market the dollar was being traded at Rs 115.60.
Chief Executive EFG Hermes PakistanMuzzamil Aslam said the spike is on theback of amnesty scheme which will be announced in the budget; individualsseeking to benefit from the scheme were converting their cash holdings intothe US Dollar.
Sources also claim that the shift in focus towards the greenback is furtherfuelled by the proposed changes in the upcoming budget to limit parking ofundocumented wealth in property.
Over the weekend Adviser to the Prime Minister on Finance, Revenue andEconomic Affairs Miftah Ismail reiterated his comments from last month thatrupee would “remain stable” after having “found its optimum value”.
In his earlier comments Ismail had said, “Although the money [exchangers]right now are carrying quite a big gap, the market will settle at Rs 115.For the foreseeable future, this is enough … for the next six to eightmonths, a year … there is no need for further devaluation.”