The rupee continued to depreciate against the dollar and the rupee hit a low of 233 against the dollar in the interbank market. According to...
The rupee continued to depreciate against the dollar and the rupee hit a low of 233 against the dollar in the interbank market.
According to the State Bank of Pakistan, the value of the local currency closed at 229 rupees 88 paisa against the dollar yesterday, while the value of the rupee today closed at 232 rupees 95 paise after a decrease of 1.31 percent or 3 rupees 5 paise.
At a time when the State Bank of Pakistan (SBP) is reluctant to release its foreign exchange reserves to control exchange rate volatility, the letter-off for oil, said Saad Bin Naseer, director of Mets Global. Rupee hits fresh low during intra-day trading due to Credit (LC) disbursements.
Besides, exporters are also more interested in taking advantage of this opportunity to earn profits, he told Dawn News.TV. The idea of protecting the national interest has been abandoned.
Saad bin Naseer said that exporters on the other hand are using maximum LC limits from banks.
He said that the only way for the government to deal with the situation is to order the exporters to immediately convert their dollar earnings into rupees.
He added that State Bank can also act as an intermediary with other banks to guard against irregularities committed by exporters during exchange rate crises.
He said that the exporters should focus on getting profit from the sale of their goods instead of depreciating the exchange rate.
The continued decline of Rs
Between April 7 (when the then Prime Minister Imran Khan was ousted from power) and July 22, the rupee depreciated against the US dollar due to the country's trade deficit, growing political instability and uncertainty. There has been a decrease of 21.3%.
Also read: Dollar more expensive, hits a high of Rs 232
After touching a high of Rs 211 93 paise on June 22, the first week of July saw the rupee appreciate to Rs 204 56 paise against the dollar.
When Pakistan's staff level agreement with the International Monetary Fund (IMF) was reached on July 15, the rupee appreciated slightly against the dollar, but has since seen a steady decline in its value in recent days. .
During last week's trade, the rupee depreciated by 8.25% against the dollar. On July 22, the rupee closed at a low of 228 rupees 36 paise, while on July 15 its rate was 210 rupees 95 paise against the dollar. was
The initial session of this week also witnessed further depreciation of the rupee, after which it fell to 229 rupees 88 paise against the US dollar.
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