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Further, to promote the sale of forex travel cards over forex currency notes, BookMyForex will offer zero margin or exact inter-bank rates 24x7 on Forex card sales.
'The open market rates remained below inter-bank rates, which shows there is no demand for the dollars but the sudden devaluation of the rupee has jolted the open market also,' said Malik Bostan, President of Forex Association of Pakistan.
Inter-bank rates went slightly up in September following global monetary tightening, QNB noted.
The banks have frozen foreign currency accounts of IT companies, business, and salaried employees, who receive their salaries from offshore companies and the banks are paying them in local currency only at inter-bank rates. The difference between open market and inter-bank rates is between 3-5 Rs per dollar.
While dealers came to grips with high demand for the greenback, the rupee ended at 118.3 against the US dollar even as the inter-bank rates remained stable.
Trading had been ceased due to massive fluctuation in inter-bank rates.
He said that the SBP would soon give a 'special barrier' to all commercial banks for controlling inter-bank rates and minimise difference of rates of foreign currencies to help the SMEs as well.
There was uncertainty in the currency markets, as banks remained tight-lipped and a source told our correspondent that trading had been ceased due to massive fluctuation in inter-bank rates.
Domestic inter-bank rates were on ascent few months in advance of CBK's move, largely in anticipation of an impending lift-off by the Federal Reserve.
The SBP board has also reviewed the interest rate corridor -- the maximum and minimum inter-bank rates. It reduced the upper ceiling by one per cent to seven per cent and fixed the lower cap at five per cent, bringing it down by one per cent from 5.5 per cent.
The fines relate to manipulation of the Libor and Euribor inter-bank rates.
SyNGAPUR (CyHAN)- The following are inter-bank rates of foreign currencies against the Singapore dollar on Friday.
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