Web Desk (LTN NEWS): PKR continued to lose value on Tuesday. During morning trade on the interbank market, the PKR lost another Rs1.09 per dollar.
Forex Association of Pakistan says that at 11:45 a.m., the exchange rate for the local currency was Rs239 per dollar (FAP). From yesterday’s close of Rs237.91, this is a drop of 0.45%, bringing the PKR close to its all-time low of Rs239.94 on July 28.
General Secretary of the Exchange Companies Association of Pakistan (Ecap) Zafar Paracha said that banks’ speculation was to blame for the rupee’s fall. He said that banks “made a year’s worth of profits in two months.”
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He asked the State Bank of Pakistan (SBP) to go after banks instead of just a few exchange companies to “save face.” The Escape general secretary also asked the government to change its trade and immigration policies with Afghanistan and Iran, saying that they were “eating up our foreign reserves and revenues.
Since Sep 2, the rupee has gone down in value every day. Since July 1, the value of the rupee has dropped by 13.9 percent, or Rs33, according to data from the financial data and analytics site Mettis Global.
PKR has lost 29.17% of its value against the dollar over the past 52 weeks. On July 28, it hit a record low of Rs239.94.
