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WATCH: Why is dollar rising in Pakistan? Top currency dealer provides insight

Malik Bostan says massive regulatory duty on luxury items forced traders to import products through Afghan Transit Trade, increasing dollar demand in Peshawar

By Web Desk
August 25, 2022
A represnetative image.
A represnetative image.

KARACHI: Dollar’s winning streak against the Pakistani rupee ended Thursday in the open market as the foreign currency was being traded at Rs225 during intra-day trade.

The greenback lost Rs4 today after witnessing a hike for three days due to high demand causing a shortage in the currency market. The rupee closed at 229 per dollar on Wednesday.

Speaking to Geo News, top Pakistani currency dealer, Malik Bostan, said the imposition of a massive regulatory duty on 700 luxury items forced Pakistani traders to import products through Afghan Transit Trade, increasing demand for the dollar in Peshawar, where the rupee was trading at the 230-235 level.

“The open market is experiencing a dearth of UAE dirhams (AED) as the Gulf states made it essential for Pakistani travellers to disclose 5,000 dirhams at the airport at the time of landing. The most recent development has caused Pakistan's currency market to fall short of the AED, and the price of the US dollar in the kerb market has increased as a result of this as well,” Bostan said.