Rupee crosses Rs87 to a dollar in open market <span class='TextClass'>[The News] 09 Feb, 2010</span>

KARACHI: The rupee crossed the Rs87 mark against the US dollar in the open market on Monday as people started hoarding the foreign currency in the wake of State Banks requirement to show personal ID for purchase or sale of greenback.

The recent round of rupee depreciation had been aggravated by black-marketing of the US dollar, which some businessmen were willing to buy even at a higher price, traders said. For the first time in the past one and a half year, the difference in the exchange rate of the open market and inter-bank market reached Rs2, said Malik Bostan, an exchange company owner, referring to the surge in demand of the US dollar by undocumented players.

He said people were reluctant to sell the US currency to exchange companies because they did not want to disclose their identity. Naturally, this has led to a shortfall and rise in the price of dollar.

The State Bank had recently made it mandatory for everyone who buys or sells the US dollar from exchange companies to surrender copy of National Identity Card. Those who want to travel need dollars and those who want to go abroad for medical reasons need dollars. The demand is still there but we dont have enough to satisfy it.

Mondays average exchange rate in the inter-bank market for buying and selling dollar was Rs84.89 and Rs85 respectively, according to the State Bank. Bostan said exchange companies would hold a meeting with central bank officials on Tuesday to settle the issue. We will propose that at least the ID card disclosure requirement should be dropped for those who are coming to sell the foreign currency.

Other Business and Finance News

Pak economy pays heavy price of anti-terror war [Geo TV] 15 Mar, 2010

Oil lower in Asia [Geo TV] 15 Mar, 2010

Foreign investors bristle at new banking law [Geo TV] 14 Mar, 2010

Door narrows for foreign workers in Singapore [Geo TV] 14 Mar, 2010

China rejects foreign pressure over yuan: Wen [Geo TV] 14 Mar, 2010

Disclaimer:All the Gold rates, Forex rates, Market rates, Indexes information and volumes of the companies, business news update material in this website are provided for information only and ..Read

More On Hamariweb
News Home Latest News Student News Science & Technology Sports Entertainment World News	Dictionary English Urdu Dictionary Arabic Urdu Dictionary Spanish Urdu Dictionary Hindi Urdu Dictionary French Urdu Dictionary German Urdu Dictionary	Cricket Live Cricket Cricket Highlights Dream Team Player Profiles Sports News Sports Games	Mobiles Mobile Phones Ringtones Mobile Games Mobile Softwares SMS Messages Web2SMS	Directories Web Directory Edu Directory Important Phone No. Postal Codes Country Codes City Codes	Islam Online Audio Quran Quran Recitation Online Naats Islamic Names Islamic Articles Islamic Wallpapers
Finance Biz News Stock Exchanges Business Directory Forex Rates Gold Rates Prize Bonds	Classifieds For Sale Vehicles Real Estate Matrimonial Jobs Miscellaneous	Articles Politics Society and Culture Religion Other/Miscellaneous Literature & Humor Education	Poetry Love / Romantic Sad General Life Religious Humorous	Other Sections Urdu Search My Report Food & Recipes Blogs Forum Academic Results	Career Counseling Weather Updates Free Softwares Desktop Wallpapers Greeting Cards Urdu Editor

About us | Contact Us | Feedback | Advertising

SEO & Web Marketing by: WebizMedia.com