The dollar has almost doubled to Rs 128 in the grey market as demonetisation prompted many with unaccounted cash in old high denomination notes to convert them into dollars. The pound has touched Rs 130 while the dirham was at Rs 30. In the interbank forex market, the rupee closed at 67.83 a dollar.
Sources said since the demonetisation of Rs 500 and Rs 1,000 notes, several businessmen and investors who deal in cash have bought huge quantities of foreign currency or gold biscuits from the black market. This has badly hit the flow of foreign currency even to official agents. "For the last 10 days there is a shortage of foreign currencies, particularly US dollars, pounds, euros and dirhams. People are buying foreign currencies at any rate, the only condition is that we should accept banned denominations," said a trader from Bohra Bazaar, Fort.
Sources in the foreign exchange market said since November 8, the demand for foreign currency is so huge that money changers in the grey market are finding it difficult to cope. Gold in the grey market has touched Rs 50,000 per gram.
Licenced money changers are unable to sell foreign currency due to shortage of Indian currency for exchange. Business travellers who have returned and visiting foreign tourists have been badly hit. "There is no rolling of foreign currency," said a licenced money changer.
Read More - https://www.goldcruderesearch.com/forex.php
Sources said since the demonetisation of Rs 500 and Rs 1,000 notes, several businessmen and investors who deal in cash have bought huge quantities of foreign currency or gold biscuits from the black market. This has badly hit the flow of foreign currency even to official agents. "For the last 10 days there is a shortage of foreign currencies, particularly US dollars, pounds, euros and dirhams. People are buying foreign currencies at any rate, the only condition is that we should accept banned denominations," said a trader from Bohra Bazaar, Fort.
Sources in the foreign exchange market said since November 8, the demand for foreign currency is so huge that money changers in the grey market are finding it difficult to cope. Gold in the grey market has touched Rs 50,000 per gram.
Licenced money changers are unable to sell foreign currency due to shortage of Indian currency for exchange. Business travellers who have returned and visiting foreign tourists have been badly hit. "There is no rolling of foreign currency," said a licenced money changer.
Read More - https://www.goldcruderesearch.com/forex.php
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