Dollar scales Rs315 in open market

While the inter-bank market managed to keep the dollar below the Rs300 mark, the greenback soared to a record high price of Rs315 in the open market on Wednesday. While there may be a psychological barrier for the banking market since it is still under some kind of official influence, the open market seems to be taking advantage of the free market mechanism. The dollar was traded up to a price of Rs315 during the day, but the Exchange Companies Association of Pakistan (ECAP) reported the buying and selling prices as Rs309 and Rs312, respectively. The desperation was noted in the open market as the average buyer was purchasing dollars at all costs. Currency dealers said the increasing demand had pushed the price so high that it went beyond the red line set by the IMF. The government had assured the IMF before the renewal of Extended Fund Facility in June that the difference between the rates in the two markets would not exceed 1.25 per cent.