Pakistani Rupee Islamabad: The Pakistani Rupee once again depreciated by another Rs7.03, closing at Rs269.63 per dollar in the interbank market on Monday, as per data released by the State Bank of Pakistan (SBP).
This equates to a loss of 2.61 per cent from Friday’s close of Rs262.6, reports Dawn News.
Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha attributed the rupee’s depreciation to a shortage of dollars.
“The supply of dollars has not been restarted. We do not know where the banks will get the supply from but there is no arrangement,” he was quoted as saying by Dawn News.
He was referring to the SBP deputy governor’s assurance to exchange companies’ representatives in a meeting last week that commercial banks would be directed to supply dollars to the change companies.
“There is a lot of panic in the market. If dollars are received, it will cool down a bit. As long as the market doesn’t settle, people will not sell their remittances or export proceeds,” Paracha said.
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.
