Web Desk (LTN NEWS): The decline in the value of the rupee continued for the third day in a row today and the dollar became more expensive at one rupee and 34 paise in the interbank market.
According to Forex Association of Pakistan (FAP) data, the rupee fell by 0.61 percent to Rs 219 per dollar at 12:35 PM today compared to the previous day.
FAP chief Malik Bustan said demand for dollars has increased after the government lifted the ban on the import of non-essential and luxury goods and use in the Afghan transit trade.
On the other hand, the government’s directive to all passengers traveling on international flights to submit declaration forms with currency details, among other things, reduced the supply of dollars to exchange companies.
He said that earlier people used to sell foreign currency worth one and a half million dollars per day at the counters of exchange companies, now this amount has been reduced to five million dollars per day.
He further said ‘In addition, the Pakistani consulate in Dubai informed the government that Pakistanis returning to Pakistan must have 5,000 dirhams, due to which the demand for this currency has increased in the market, which has the effect of It can also be seen on the value of the dollar.
The FAP chairman suggested that the government reduce imports to reduce demand for the dollar and lower the minimum amount required to travel abroad in countries such as the United Arab Emirates to reduce demand for other currencies.
Meanwhile, Director Matis Global Saad Bin Naseer said exporters are holding back their income, which is putting pressure on the rupee.
It may be noted that the value of the rupee fell to a record low of Rs 239.94 on July 28, after which it recovered for 11 days and closed at Rs 213.90 on August 16. However, the rupee depreciated again by 2.78 rupees.
