Exchange Companies Association of Pakistan (ECAP) on Friday fixed dollar selling rate at Rs 124.5 for open currency market. ECAP held a meeting of its members and discussed the recent volatility in the open currency market. After detailed discussion, ECAP decided that US dollar will be traded at Rs 124.50 in the open currency market.
During the meeting, all exchange companies were asked to strictly follow the rate and not to sell US dollar above this rate. Members vowed to follow this rate. Addressing the members, Zafar Paracha General Secretary ECAP said that there is no need of unnecessarily purchase of US dollar as the interbank rate is now settled and strengthened.
He urged the general public that remittances should be remitted through legal channels to build the depleting foreign exchange reserves of the country. "Using formal channels will keep remittances as white money and hence people can get tax rebates by showing the receipts of home remittance to tax authorities," Paracha said and added that transactions of remittances by the unofficial channels like hundi/hawala will turn hard earned income into black money.
"Our beloved country needs a positive approach. People should conduct foreign exchange deals through licensed exchange companies and get the receipt of each transaction instead of dealing with the illegal and unauthorized currency dealers," he added. It may be mentioned here that it was decided last month that dollar rate will be fixed by the associations to control exchange rate in open currency market.
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