KARACHI: With the departure of last Haj flight on Monday, the demand for dollar reduced in the open market.
It forced the price of the greenback to come down, but not up to the expectations of the market.
Currency dealers said they deposited 95 per cent of the surplus in banks, reflecting the absence of buyers in the market.
Dealers said the dollar slid to Rs102.30 at the close of the day. They believed that it may fall as buyers are not available for the greenback.
“The departure of last Haj flight on Monday ended the dollar demand. We submitted almost all dollars to banks,” said Malik Bostan, chairman, Exchange Companies Association of Pakistan.
He said that in August money-changers deposited $300 million in banks. “We hope the total dollar deposits in banks in September could be between $400m and $500m.”
However, he maintained that the real cause of higher dollar prices in the open market was the exchange rate in the inter-bank.
The inter-bank has been under pressure for the last couple of months and dollar remained around Rs102.80.
“If inter-bank shows some force against the greenback, the open market will perform better to reduce the dollar value against rupee,” said Bostan.