Business
Dollar stabilizes at the normal gap in interbank
The price gap of the dollar between the interbank and the open market is reduced.
Karachi: The value of the dollar has returned to normal, eliminating the gap between interbank and open market rates, according to the State Bank.
Malik Bostan CEO of Pakistan Currency Exchange has announced that the black market for the dollar has been dismantled, and the value of the US currency is now 286.50 rupees in the interbank market and 289 rupees in the open market.
He stated that the unusual gap in the value of the dollar has been eliminated in the official and open markets.
They further revealed that the "black market" for the dollar is collapsing, resulting in a significant reduction in the price difference.
This development has also affected remittances, with the exchange rate for hawala transactions being impacted.
In Peshawar, the dollar is being traded at 291 rupees in the grey market, while in Dubai, it has reached 294 rupees.
Malik Bostan stated that in the event of a deal with the IMF, the dollar could gradually decline to 270 rupees.