Web Desk (LTN NEWS): On Tuesday, the rupee fell by Rs1.64 against the dollar in the interbank market, making it the second day in a row that it lost value.
FAP Chairman Malik Bostan said that the price of the dollar went up because more people wanted to buy it so they could buy vegetables from Iran and Afghanistan without paying duty.
At 12:21 pm, the Forex Association of Pakistan (FAP) showed that the value of the local currency had dropped by 0.74 percent, to Rs221.5 per dollar.
Read: PKR gains Rs1.48 after IMF deposit
He said that the government would have to make sure that dollars bought for imports weren’t “misused.”
On July 28, the PKR hit a new record low of 239.94. Then, it went up for 11 straight sessions, ending on August 16 at Rs213.90 in the interbank market.
But the local currency started going down again on August 17, and it lost Rs8.02 until August 29. It went up briefly against the dollar for three days before going down again on Friday.
