KARACHI: Forex Association of Pakistan (FAP) on Tuesday urged the State Bank of Pakistan to assure that rupee value will not be depreciated further.
FAP members headed by its president Malik Mohammad Bostan met SBP executive director Irfan Ali Shah and apprised about sudden rise in dollar value.
Malik Bostan said that reports of further devaluation of rupee value against dollar had forced people to hold dollars for better gains.
He urged the SBP to issue a statement that the dollar value would not further increase in the local market in order to ease the situation.
He said that currency smuggling from Quetta and Peshawar had again on the rise. Malik Bostan said that dollar rate would come down to Rs125 in case smuggling is stopped.