Rupee depreciation marks all-time lowest against dollar the correspondent pk

The Pakistan rupee continued downward journey as it lost 41 paisas against US dollar on Monday.

For the first time the dollar crossed the figure of Rs182 while it was traded at higher rates to close at Rs182.19.

Currency dealers in the interbank market said the demand was still higher since oil prices were going up again.

The official data for eight months of the current fiscal witnessed 47 per cent increase in imports which helped the dollar to attract more demand.

Bankers say there is no chance for any immediate remedy to stop the steep fall of rupee against the US dollar.

Currency traders in the open market said the dollar was traded as high as Rs183.30 on Monday. But, they added, the trading reduced to just 10 per cent as compared to last year.

“The currency business in the local market has dropped to just 10 per cent compared to what it was a year ago,” said Malik Bostan, chairman of the Exchange Companies Association of Pakistan.

According to him, 90 percent of the foreign exchange is deposited in banks.

“The prolong war in Ukraine and increasing oil prices have damaged our exchange rate while foreign exchange reserves are also declining,” he said. The crude oil prices have reached around $115 per barrel.


Please enter your comment!
Please enter your name here