Dollar slipped by 45 paisa, difference between open and bank still at 2 percent

Dollar in open market slipped by 45 paisa but still away from the benchmark set by the State Bank of Pakistan to keep the difference between open and interbank market up to one percent.
The dollar in open market on Monday hit Rs 108.20 level, but selling from some investors on Tuesday clipped the wings of dollar. The dollar in open market moving between Rs 107.50 to Rs 107.75 but demand was still on the higher side.

However, according to the dealer the rate difference between bank and open market has been around 2 percent which should be around 1 percent as per the recent understanding reached between the central bank and exchange companies officials.

Currently at bank, dollar has been selling at Rs 105.40 while if benchmark of the central bank has to be maintained green back rate would be around Rs 106.50 to Rs 106.75.

According to the official of the exchange company the demand of the dollar has been on higher side as people wants riyal for their Haj offering. During Haj season the demand usually hit 225 million dollars and export small currencies including riyal halted, resulted in pressure on dollar. He added by August end the pressure would be diminished and the difference between bank and open market might comfortably reach up to 1 percent.