ISLAMABAD: During trading today in the interbank market, the Pakistani rupee further fell by one rupee 8 paise against the US dollar, while the dollar index is at a 20-year high as the global dollar continues to strengthen.
According to the Forex Association of Pakistan (FAP), the rupee was trading at Rs 222.50 per dollar at 11:58 am in the interbank market.
Saad Bin Naseer, director of financial data and analytics portal Mets Global, said that the dollar has been strengthening globally for several weeks and its impact is also being seen in Pakistan’s currency market.
He said that the UAE government’s requirement to carry cash up to 5,000 dirhams for passengers coming from Pakistan has also increased the demand for dollars. It has increased to approximately 5 million dollars per day.
Saad bin Naseer added that this is why the dollar is being sold at more than 10 rupees in the interbank market in the open market.
He said the recent floods damaged the country’s crops and gardens and forced the government to import vegetables, a move that is also increasing demand for dollars and widening the country’s trade deficit.
Saad bin Naseer expressed hope that soon after receiving 4 billion dollars from friendly countries, the value of rupee will start to stabilize.
