Exchange Companies Association of Pakistan (ECAP) on Saturday urged general people to refrain from purchasing of the US dollar for investment purpose. Zafar Paracha General Secretary ECAP has said that reports of Pak rupee devaluation against the dollar are just a rumour and there is no authenticity in these reports.
He said that some government high officials have also ensured that there is no devaluation of Pak rupee in near future. Therefore, the general masses or speculators should away from investment purpose buying otherwise they may face huge loss. "We are in touch with the high officials of State Bank of Pakistan and making efforts to keep the exchange rate stable in the open currency market", he added. The ECAP has also asked our members and all exchange companies to manage the rising demand of dollar and not to involve in such illegal practices, he said.
"In the wake of previous experiences, we advised the people not to pay heed to the rumour in respect of devaluation of Pakistani Rupee against US Dollar and refrain from the collection or purchasing of the US Dollar", he added. Although, following the rumours of Pak Rupee devaluation, there was some pressure in the open currency market on Saturday, however there is no shortage of dollar in market and adequate greenback is available in the market, he said.
After devaluation rumours a massive demand of US dollar was witnessed in the open currency market on Friday and dollar buying rate was surged to Rs 106.60 in open currency market. Paracha said sufficient dollar will be available in the market from Monday onward as Dubai market mainly closed on Friday of which dollar arrival was delayed resulted in some pressure on the Pak rupee.