Moneychangers in Islamabad and Rawalpindi on Monday shelved European and American currencies to second position as they had found a hot seller in the shape of new Iraqi dinar.
The day opened with large banners inviting investors to buy the new Iraqi currency about which Business Recorder had earlier in the morning published reports that it was most sought-after in the Middle East money markets.
There are nearly 20 moneychangers in the Federal Capital and about 60 in Rawalpindi and all were said to have hoisted the hastily made cloth streamers promising good rates.
The Iraqi currency which before the Gulf War officially equalled three US dollars a piece had lost its lustre under the 1991 UN sanctions but had virtually crumbled near about last year's American invasion and come down to 18,000 for a dollar.
The paper-money carrying Saddam's portrait was scrapped by the occupation forces and a new dinar launched which was reportedly inching its way upwards.
The prospects were seen well because of demand for Iraqi oil in the international market.
Named after Paul Bremer, the new US Civilian Administrator, dinars were 20 for one Pakistani rupee in selling.
The buying price was 4.7 paisa for a dinar.
Someone seemed to have brought tonnes of new currency as one local money merchant had sold, to one customer alone, dinars worth Rs 8 million.
This was the highest transaction on the opening day.
Sources here estimate that business was brisk and dinars worth 50 million rupees must have changed hands on the opening day.
The prices of British sterling registered a steep fall of Re 1.30 in buying and Re.1.40 in selling while the US dollar showed a gain of five paisa.
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