Web Desk (LTN NEWS): Friday was the fifth day in a row that the PKR lost value, and it fell by Rs1.25 against the dollar on the interbank market.
The local currency fell by 0.57 percent to Rs220.66 per dollar at the end of the day.
Malik Bostan, who is in charge of the Forex Association of Pakistan (FAP), said that the value of the dollar had gone up because of outstanding oil payments and demand for the greenback from commercial importers.
Next week, the Executive Board of the International Monetary Fund (IMF) will decide to give Pakistan a loan. After that, the pressure on the rupee will ease, he said.
Bostan asked the State Bank of Pakistan (SBP) to watch commercial banks more closely. He also said that trade with Afghanistan should be done in PKR to keep the demand for dollars down.
The difference between the dollar’s rates in the interbank and open markets has now reached more than 4 percent for the first time, according to Alpha Beta Core CEO Khurram Schehzad. “The State Bank needs to pay attention to this,” he said.
He said that the government lifting the ban on the import of non-essential and luxury items and a drop in remittances were also reasons why the rupee fell.
A report says that almost all foreign currencies have disappeared from the open market. Even at Rs230, it is hard for people to get their hands on a dollar.
When compared to the dollar, the local currency hit a record low of Rs239.94 on July 28. By August 16, it had climbed back up to Rs213.90 in the interbank market. But since then, it has kept going down, losing Rs5.78 by the end of today.
