KARACHI: The freefall of Pak rupee continued as it sustained heavy losses against the US dollar in the inter-bank market, depreciating 2.74% during the trading session on Monday.
At around 1:50pm, the dollar was being quoted at 270 during intra-day trading, a depreciation of Rs7.4.
This came after Pakistan’s rupee witnessed significant depreciation against the US dollar on Friday (Jan 27), settling at 262.6 after a fall of Rs7.17 or 2.73%.
According to Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha, the rupee’s depreciation is directly related to a shortage of dollars. “The supply of dollars has not been restarted. We do not know where the banks will get the supply from but there is no arrangement,” he said.
He was referring to the SBP deputy governor’s assurance to exchange companies’ representatives in a meeting last week that commercial banks would be directed to supply dollars to the change companies.
