As Eidul Fitr nears, demand for fresh currency notes has surged, driving up notes rates across local markets. Seasonal shopping for new clothes and shoes has fueled the need for crisp notes.
Banks are providing new notes under strict conditions and limited availability. Many consumers, unable to get sufficient currency from banks, are turning to the open market. This has led to a sharp rise in notes rates for small and medium denominations.
Reports show a bundle of 10-rupee notes selling for Rs1,600–1,700, while 20-rupee notes cost Rs2,700–2,800 in some busy markets. Meanwhile, bundles of 50-rupee notes are fetching a premium of around Rs1,000, and 100-rupee notes sell for Rs800–1,000.
Shopkeepers and street vendors say that notes rates are high due to increased seasonal demand, and fresh notes are considered essential for gifting and festive transactions. Many consumers prefer new notes as they give a more “festive look” when paired with purchases of clothes, shoes, and gifts.
Authorities have not yet announced measures to curb black-market trading or regulate the rising notes rates. However, market analysts warn that the trend may continue until Eid, as long as the demand for fresh currency remains high.
Banks continue to advise the public to follow official channels for currency exchange and avoid paying extra premiums in the open market. They stress that new notes will be available in limited quantities until Eid, and public patience is necessary to prevent further escalation in notes rates.
With just days left for Eid celebrations, residents are bracing for high notes rates and are planning their purchases accordingly to ensure smooth festive spending.
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