Pakistan Rupee
Pakistan Rupee drops further, trades 237 to a dollar
Karachi: Pakistan rupee has dropped further and traded at 237 to a dollar in the interbank market during intraday trade on Wednesday.
The local unit lost Rs4.07 today - the first trading session after the Supreme Court removed PML-N Hamza Shahbaz as chief minister of Punjab, dealing a massive blow to the Shahbaz Sharif government in the Centre, The News International reported.
The rupee had closed at Rs232.93 a day ago, the newspaper reported.
“Banks are short of foreign currency as the central bank is not selling dollars to the market to curb the exchange rate volatility. Exporters are also not converting dollars and that has resulted in the scarcity of the greenback,” the forex trader told The News.
“Some banks are opening fresh letters of credit if the outflow is equalised with the export proceeds of the clients.”
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