Dollar rises again: PKR depreciates by Rs2.1

Web Desk (LTN NEWS): Local currency was worth Rs231.92 per dollar, which was 0.91 percent less than yesterday’s closing rate of Rs229.82. Data from the Forex Association of Pakistan (FAP) showed that the rupee fell by Rs2.1 against the dollar in early trading on the interbank market on Tuesday.

Malik Bostan, the head of the FAP, said that the floods were putting pressure on the import bill, which was making more people want dollars.

He said that the pressure could last until friendly countries gave the $4 billion they said they would give before the deal with the International Monetary Fund.

Read IMF approves $1.10 billion Pakistani tranche

Abdullah Zaki, who used to be president of the Karachi Chamber of Commerce and Industry (KCCI), also said that the value of the rupee was going down because of the floods.

The former president of the KCCI asked Finance Minister Miftah Ismail to meet with stakeholders “immediately” and come up with a plan to stabilize the exchange rate and end uncertainty.

Since Sep 2, the rupee lost ground against the dollar. It went down by Rs9.2 in the last week, and now it is worth Rs228.18. The rupee lost another 1.64 at the start of this week.