Web Desk (LTN NEWS): The rupee has been going down against the dollar for almost a week. On Friday, it fell by Rs2.76 on the interbank market.
PKR was worth Rs228.18 per dollar at the end of the day, which was 1.21 percent less than it was yesterday.
Zafar Paracha, the general secretary of the Exchange Companies Association of Pakistan (Ecap), said that exporters had been holding their payments because the rates on different markets were so different.
“Banks had been trying to control the rate for a few days. Now that they have started to raise their rates, exporters should be able to get their money.”
Paracha also said that smuggling was to blame for the fall in the value of the rupee. He said that the market had “never seen smuggling on this scale” before. He said that greenbacks were being smuggled into Afghanistan and Iran, and he asked the government to change its trade policies with those two countries.
Read: US dollar worth more than rupees
The general secretary of Ecap warned that things could get worse in the next few days and asked everyone to sit down and talk about how to bring economic stability.
Between September 2 and 8, PKR fell by Rs6.82, making the dollar Rs4 more expensive.
According to the financial data and analytics website Mettis Global, the local currency has lost 25.62 percent of its value against the US dollar in the last 52 weeks.
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