Resolution to abolish Rs. 5000 Currency Note Senate Passed


The demand of US dollar and other foreign currencies has increased much due to chaos and confusion among investors and common people after passing of resolution in Senate about the abolishing of Rs. 5000 currency notes. Due to increase pressure on rupee after purchase of dollar and other foreign currencies in large numbers, the rate of US dollar reached at 108.5 at one time but later it came back little and the open market closed at 108.1 rupees. On the other hand, the US dollar fell to 5 paisa in interbank market after which dollar reduces from 104.91 to 104.86 in interbank which widen the gap between two markets by $3.24.

Malik Bostan, President Forex Association of Pakistan, said that passing the revolution to ban Rs. 5000 note in Senate has increased the demand of dollar and it is affecting rupee value. The presence of other currencies except dollar has decreased 200%. Other currencies are exported to get dollar in shape of revenue but the resolution by Senate has increased chaos in the market.

The Senate resolution advises to abolish the Rs. 500 currency in 3 to 5 years but it affected the common people and investors immediately and now they are trying to secure their money by convert it to bonds, gold and foreign currency.

Bostan advised people to maintain belief on their currency as lowering the value of dollar will harm them. He also urged the government to stop the further worsening of situation by taking people in confidence and take a clear approach.


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