Web Desk (LTN NEWS): On Thursday morning, PKR fell by Rs1.68 against the dollar in the interbank market, according to data from the Forex Association of Pakistan (FAP).
At 11:35 a.m., the exchange rate for the local currency was Rs236 per dollar. This was 0.71 percent less than it had been at 8 a.m. yesterday, the last price for a dollar in PKR was Rs234.32.
Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha said that the rupee is under “a lot of pressure” because friendly countries that had promised to send money but haven’t done so, which has changed people’s feelings.
Read Dollar rises again: PKR depreciates by Rs2.1
Paracha also said that the government wasn’t “paying attention and keeping costs under control.” He also said that Pakistan wasn’t getting enough help because of something he called a “trust deficit.”
He said that the political situation had changed how the market felt and that talks about default had started up again.
The CEO of Alpha Beta Core, Khurram Shehzad, had the same point of view. “The main reason the dollar is going up is that it is getting stronger against other major currencies. Floods on the local level are putting more pressure on PKR because agriculture and food imports will likely go up because so many important crops have been destroyed.
This is the tenth time in a row that the rupee has gone down. According to Arif Habib Limited, it fell Rs15.72, or 6.91 percent, over the last nine trading sessions.
Your point of view caught my eye and was very interesting. Thanks. I have a question for you.