The gap between the kerb and interbank rate for the US dollar closed by one rupee on Monday. On last Friday, in the open market (kerb), dollar was being sold for Rs 103.95 while banks could purchase the greenback from the State Bank of Pakistan for Rs 101.45. This meant that a gap of Rs 2.50 was prevailing. On Monday (yesterday), US greenback was available at Rs 103.30 on the kerb and SBP was selling at Rs 101.80.
Thirty-five paisa slide on the interbank was reportedly due to massive oil payment of 110 million dollars. Another $20 million outflow was on account of remittance by International Power. Now with two major outflows out of the way; market players expect the gap between kerb and interbank rate to narrow further from Rs 1.50 witnessed on Monday. The authorities are endeavouring to bring this gap to less than a rupee as major inflow from overseas Pakistanis is expected before Eid-ul-Fitr.
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