KARACHI: Sellers disappeared from the currency market on Thursday and the dollar inched up by 10 to 20 paisa, heads of exchange companies told Dawn. Some of them claimed this was a reaction to President Donald Trump’s recent statement on Pakistan.

“The dollar was in surplus on the first day following the threat from the United States. We deposited additional $3 million in the interbank market,” said Malik Bostan, President of the Forex Association of Pakistan.

However, no surplus was available on Thursday to deposit in banks.

Exchange companies have to deposit 10 per cent of remittances as well as surplus dollars in banks.

Currency dealers were worried over the harsh tone adopted by the United States, although the market remained largely calm with a slight change in the exchange rate.

Published in Dawn, August 25th, 2017