'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.
The interbank rate is the benchmark rate to determine the value of dollar and sets the direction for open market rates
. Since open market or cash market rate usually remains higher than the interbank rate, the open market is likely to follow a similar trend.
The open market rates
for yoghurt and milk have been set at Rs80 per kg and Rs70 per litre respectively.
Open market rates
of fruits were high in comparison to Sunday bazaars.
In addition to the black market and the open market rates
, there is also the official rate market.
Difference between interbank and open market rates
widened to Rs1.55 on Friday as PKR closed at 110.55 per dollar in inter-bank market and 112.10 in kerb market, reported The News
The currency adjustment would help shift foreign currency holdings from commercial banks currently standing at a higher level of around $6 billion back to official reserves and help divert remittances to official channels with declining gap among the official, banking and open market rates
However, farmers of lower Sindh expressed some reservations over fixed rates as compare to open market rates
According to Khemka, the seeds could not be sold as there was no demand for wheat seed varieties DBW- 17 and PBW- 550 in the market as the prices were higher than the open market rates
and the seed varieties were old.
Against the Rs 130 per kg wholesale price of dal moong, the official rates fixed by the government stand at Rs 105 per kg, which is less than Rs 25 per kg as compared to open market rates
The theatre has secured funding which is allowing it to rent space at "cultural" rates rather than commercial open market rates
. Mr Bernays said: "It needs to cover its costs, but for us it's not about profit, it's about partnerships."
One change that was especially important in this process was the introduction of money market certificates (MMCs) in 1985, with interest rates linked by formula to open market rates
on designated instruments.