Exchange companies on Saturday fixed dollar rate at Rs 119 for open currency market. Sources told Business Recorder that a joint meeting of Exchange Companies Association of Pakistan and Forex Association of Pakistan was held on Saturday to discuss the volatile market situation. It finally decided that no member of exchange companies will trade the US dollar beyond Rs 119.
The maximum buying and selling rates of dollar were fixed at Rs 118.70 and Rs 119.00, respectively, in open currency market. The meeting also decided that exchange companies will discourage massive purchase of US dollar by general public and investors.
It was also decided that action will be taken against exchange companies found involved in selling dollar on higher rates than those determined by the Association. Exchange Companies were also advised to abstain from Hundi/Hawala and only use the legal channels for transactions.
It was also decided that small or ''B class'' exchange companies can buy dollar from leading or ''A category'' exchange companies at Rs 118.90. It may be mentioned here that it was decided last month that open currency market dollar rates will be decided by the Association.
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