KARACHI: US dollar value shot to Rs100 in open market here on Thursday and greenback is expected to maintain this tendency in the coming days.
Chairman, Exchange Companies Association of Pakistan (ECAP) Malik Bostan Ali told APP here that the dollar price has surged because of significant decrease in gold price in international market that has led to high demand for dollar including in Pakistan.
"Dollar has become very strong against gold. The people earlier rushed stock gold by selling their dollars sensing a great surge in greenback value in the world. Now, the situation has turned otherwise. People are in hurry to convert gold into dollars," Malik explained.
He said that gold had reached its peak at $1760 per ounce and it has dropped to $ 1320 per ounce.
ECAP chief said people throughout the world were convinced by certain international market players that currencies regime was going to end and that gold shall be the exchange mode of transactions once again. This, he added, incited the people to have maximum gold.
Malik Bostan Ali was very confident that Pakistan Muslim League-Nawaz government led by Mian Muhammad Nawaz Sharif through its best economic policies and wise political decisions would not only revive but strengthen the economy of the country including boost to trade and investment. This would strengthen the value of Rupee against dollar and also increase foreign exchange reserves of the country, he said.
"When Mian Nawaz Sharif was prime minister, our Rupee was stronger than that of India. Now, the situation is totally different," he asserted.
The Chairman ECAP urged that PML-N government would have to offer various incentives to overseas Pakistanis to bring more than dollars 300 billion to Pakistan. At present, he said, this huge amount of foreign reserves is deposited with various foreign banks in the world.
