Pakistan Rupee continues its downslide
Islamabad: The Pakistani Rupee once again depreciated by another Rs7.03, closing at Rs269.63 per dollar in the interbank market on Monday, as per data released by the State Bank of Pakistan (SBP).
This equates to a loss of 2.61 per cent from Friday’s close of Rs262.6, reports Dawn News.
Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha attributed the rupee’s depreciation to a shortage of dollars.
“The supply of dollars has not been restarted. We do not know where the banks will get the supply from but there is no arrangement,” he was quoted as saying by Dawn News.
He was referring to the SBP deputy governor’s assurance to exchange companies’ representatives in a meeting last week that commercial banks would be directed to supply dollars to the change companies.
“There is a lot of panic in the market. If dollars are received, it will cool down a bit. As long as the market doesn’t settle, people will not sell their remittances or export proceeds,” Paracha said.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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