Dollar up 18 paisa as govt fails to deliver promise of reversing depreciation

So there is no end to the currency devaluation as the Pakistan rupee got weaker against the US dollar by another 21 paisa on Thursday in interbank trading.

The local currency settled at Rs224.37 against the US dollar when compared with Wednesday’s value of Rs224.16.

Meanwhile, the greenback was available for Rs229.70 to Rs232 in open market as the authorities concerned are unable to fill this huge gap between interbank and open market exchange rates.

In fact, this difference widened during trading on Thursday by one rupee thanks to weak macroeconomic indicators and dwindling foreign reserves.

However, the actual exchange rate in unofficial market is over Rs250, reports from different cities say, as the gap has become sustainable and needs to be addressed.

During the current financial year (FYTD), the rupee has so far lost Rs19.52 or 8.70 percent in value against the US dollar while the loss stands at Rs47.85 or 21.33 percent since January 1 (CYTD).

On the other hand, the rupee was down against the pound sterling and the euro as well in interbank trading, as pound was traded for Rs273.52 against Wednesday’s value of Rs272.04 with euro available at the rate of Rs235.91 when compared with Wednesday’s value of Rs234.53.

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