The dollar has spiked to over 119 rupees in the market. “The currency will remain stable at this level; the Pakistani rupee has found its optimum value”. Although, the Finance Advisor to the Prime Minister Ismail Miftah had kept saying that throughout the last weekend, but it seems he could not have been more wrong.
With certain money changers offering the greenback for as high as Rs 119.75 while in the interbank market the dollar was being traded at Rs 115.60. Chief Executive EFG Hermes Pakistan Muzzamil Aslam, while talking to local news channels said that the sudden rise of the dollar is due to amnesty scheme which is going to be announced in the budget of fiscal year 2018-19. Because of the scheme individuals seeking to benefit from it were converting their cash holdings into the US Dollar.
Finance sources further claim that the spike is also due to the limit parking of undocumented property in the upcoming budget.