ISLAMABAD: The increase in the value of the dollar continues and the dollar has fallen to a record level of 232 rupees after becoming expensive by 3 rupees 50 paise in the interbank market.
The US dollar continued to appreciate on the first day of the business week on Monday and the rupee depreciated by one rupee 75 paisa as the day began.
In the second session of the day, the rupee suffered further losses and touched the level of 232 rupees for the first time in the history of the country after the dollar appreciated by 3 rupees 50 paise.
The Forex Association of Pakistan also confirmed the depreciation of the rupee and said that the rupee depreciated by Rs 3.63 on Monday compared to closing at Rs 228.37 on Friday and was at Rs 232 at around 1.30 pm. reached
Saad Bin Naseer, director of Metis Global, said the rupee remained under pressure due to “political uncertainty” surrounding the Punjab chief minister’s election.
Meanwhile, on the demand front, importers have resorted to fast opening of their letters of credit in view of the depreciating rupee, he said, adding that exporters are also looking to maximize their funds. Sending money abroad.
He told the media that the government along with the State Bank of Pakistan (SBP) should issue guidelines to ensure that exporters convert their dollar earnings into rupees immediately after receiving payments.
He said that exporters’ efforts to maximize their rupee earnings and the delay in the transition to rupees have put extreme pressure on the exchange rate, leading to a significant shortage of dollars in the market.
In his analysis, Exchange Companies Association of Pakistan General Secretary Zafar Paracha said that he fears that the local currency will continue to depreciate as no practical measures are being taken to check the flight of the dollar.
He agreed with Saad that developments on the political front were contributing to the depreciation of the rupee, but said that these circumstances played a minor role in the dismal state of the exchange.
He pointed out that banks are trading the dollar in the interbank market with “huge differences” in buying and selling rates.
He said that this has raised concerns while no practical steps are being taken by the government to stop them, eventually the common man will have to bear the brunt of it.
Zafar Paracha said that it is beyond comprehension why the government is not stopping them, be it the government, political parties or banks, it seems that everyone is on honeymoon.
He urged the political parties and other stakeholders to come together and prepare an action plan to save the country’s economy.
