Black Market Premium Returns: Importers Paying Up to Rs. 3 Extra per Dollar

Most Pakistani importers are unable to access foreign currency, and only 20–30 percent of them are being allowed to make dollar payments to clear their import orders. Apparently there is a dollar shortage in the exchange market, which has pushed rates above the official interbank level. Importers are paying Rs. 2-3 more per dollar i.e. Rs. 285/$ against the central bank’s official rate of Rs. 282/$. Only a few banks handling major export inflows are managing to supply dollars. The majority are reporting shortages and forcing importers to delay payments. However, the open market remains stable, with no panic buying. Only seasonal Haj demand has increased pressure, though purchases above $1,000 require heavy documentation. Currency dealers say gradual rupee depreciation is being used to manage external liabilities. A sharp devaluation may discourage exporters from selling proceeds. Exporters are still converting earnings, but a growing rate gap could lead to delays. Remittances are helping support the rupee, with $38 billion expected in FY25 and $39 billion targeted for FY26.