The inter-bank opened the day at Rs105.50 and touched Rs110 during the wee hours. If the situation doesn’t calm down, the central bank will take necessary action by the evening, he added. The open market strictly followed movement in the inter-bank throughout its first session on Friday; the inter-bank market will resume at approximately 2:30pm. President Forex Association of Pakistan Malik Bostan said there was no panic in the open market. “People have adopted the wait and see strategy following heavy losses sustained in July in a similar situation,” he said.

Source: The Express Tribune December 08, 2017 07:55 UTC