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US dollar rises by Rs6.5 against Rupee in interbank

Following a record low last week, the PKR fell another Rs6.5, trading at Rs269.1 per dollar in the interbank market at about 12pm on Monday, according to Forex Association of Pakistan data (FAP).

This represents a 2.48 percent drop from Friday’s close of Rs262.6.

Zafar Paracha, General Secretary of the Exchange Companies Association of Pakistan (Ecap), blamed the rupee’s fall on a lack of dollars. “The dollar supply has not been renewed. We don’t know when the banks will receive their supplies, but there is no agreement,” he explained.

He was referring to the SBP deputy governor’s pledge to representatives of exchange companies at a meeting last week that commercial banks would be directed to furnish dollars to the exchange companies.

“The market is in a state of panic. It will cool down a little if money is received. People will not sell their remittances or export revenues as long as the market is not settled, according to Paracha.

The Ecap general secretary accused the government of worsening the situation by delaying the decision to eliminate an unofficial currency rate cap. “Policy should not be controlled by the mood of the finance minister,” he remarked.

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