Web Desk (LTN NEWS): During Wednesday morning trading on the interbank market, the rupee lost Rs1.08 against the US dollar. This is because the greenback is getting stronger around the world.
Forex Association of Pakistan says that the rupee worth Rs222.50 per dollar is in the interbank market.
Saad bin Naseer, who is in charge of the financial data and analytics site Mettis Global, said that the dollar had been getting stronger around the world for weeks and that this was also happening in Pakistan’s currency market.
He said that the UAE government’s rule that travelers from Pakistan must carry 5,000 dirhams in cash had also made more people want to buy dollars. He estimated that this rule alone had increased demand on the open market by $5 million per day.
Read: PKR drops by Rs1.64 in interbank
“This is why the dollar costs about Rs10 more on the open market,” Naseer said.
Naseer said that the recent floods had hurt the country’s crops and plantations. This meant that the government had to import vegetables, which increased the demand for the dollar and put pressure on the country’s trade deficit.
Naseer said he hoped that Pakistan would soon get the $4 billion that friendly countries had promised. This would help keep the value of the rupee stable.
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