Dollar price climbs again in Pakistan over lockdown fears ...palestine

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Dollar price climbs again in Pakistan over lockdown fears
The dollar rate crept up to Rs154.80 in the open market as lockdown fears loomed because Covid-19 cases are going up in the country. It has increased by Rs1.20 in the last four days. “Importers have been opening LCs (Letter of Credit) in haste fearing a lockdown in the country,” said Malik Bostan, who is the chairperson of the Forex Association of Pakistan. He explained that importers have started opening bank LCs to import now even if they were supposed to open them two months later. An LC is an assurance by the importer’s bank to the bank of the seller abroad that a certain amount has been locked in their name. When the consignment arrives, the payment is released. It is basically

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