The SBP reported that in inter bank
the price of Euro decreased by 16 paisa after which it was traded at Rs158.66 against 158.82 on last day.
However if the price of crude oil at international market and Dollar at Inter Bank
show no decline, still the prices of petroleum products will fall by Rs 2, which is a vital sign for the country's economy.
Through the inter bank mechanism, banks can claim their own prices for buying and selling the US dollar to the Egyptian pound, based on the dollar liquidity each bank possesses.
The inter bank system for foreign currency trading was adopted in Egypt prior to December 2012, before the state decided to pose periodic tenders during which the CBE sold dollars to banks, in light of the fall of hard cash resources.
Thus during the year, reserves increased by $3.3 billion mostly raised through purchases from the inter bank and kerb market ($4 billion) and partly higher inflow of workers remittances.
In order to stabilize exchange rate, the State Bank purchased from the inter bank market mostly in the second and third quarter.
It is to be mentioned that HBL became the partner of Inter Bank
Association in 2014 but now it has given the status of its member bank.
ISLAMABAD, January 10, 2012 (Frontier Star): Pakistani rupee's free fall against the US dollar is still continuing, as it was traded on Monday at record low of 90.91 to a dollar in the inter bank
market due to increased demand for greenback to pay for imports.