Dollar Value to Drop by Rs.5 – Forex Association Head – Research Snipers

Dollar Value to Drop by Rs.5 – Forex Association Head

Malik Bostan, the head of the Forex Association of Pakistan said that the value of the dollar will drop down by Rs.5 to Rs.6 against the Pak Rupee.

He said that as they appealed to the nation to boycott dollar, the public has responded in a positive way. He claims that in the next few days the dollar value will drop by five to six rupees both in the interbank and open market.

On Friday, the rupee did gain value by Rs0.53 against the US dollar. In the interbank market, it closed at Rs150.91 and in the open market, it closed at Rs151.70.

Must read: Pak Rupee Drops to Rs.150 against the US Dollar

Soon after Pakistan signed a three-year worth $6 billion bailout agreement with the IMF, the value of the dollar increased and the rupee depreciated to the lowest value against the dollar. On May 21st the rupee reached Rs153 against the dollar in the open market.

Now on Twitter and different other platforms, people started requesting others to buy Pak rupees and boycott dollars.

Celebrities also joined the bandwagon as Hamza Ali Abbasi tweeted, ‘I don’t have a dollar account but my mother & sister have one. I am proud to announce that today they converted all the dollars into PKR. So I request all of u to DITCH THE DOLLAR and buy Pakistani Rupee asap & play your part in strengthening our currency!’