ECAP decides to stabilise dollar at Rs124.50

LAHORE: The Exchange Companies Association of Pakistan (ECAP) on Friday has decided not to let the US dollar cross Rs124.50 in the open market.

ECAP General Secretary Zafar Paracha has urged the general public not buy dollars unnecessarily and has requested all exchange companies across the country to refrain from illegal profiteering and to maintain the rate at 124.50.

Paracha said, “The interbank rate has stabilised so there is no need to buy and hold dollars unnecessarily as it will further strengthen the greenback currency.”

Further, he urged Pakistanis to send their remittance through formal channels as the transfer of funds through legal channels will boost foreign reserves of the country.