Pakistan Rupee 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.”
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
