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Falling rupee falls further, reaches 237.91

The continuously falling rupee has gone down further by Rs1.07 in the interbank market, the State bank of Pakistan (SBP) has said.

According to SBP, the rupee closed at Rs237.91 per dollar against its previous close of Rs236.84, showing a 0.45 percent depreciation.

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Saad bin Naseer, director of Mettis Global, told local media that the decline has been reflective of the overall demand and supply situation in the market.

He said that the rupee did not react to news of the Saudi rollover fund of $3 billion deposit for a year because the liquidity of the dollar did not improve. Urging the government to step in and stop the declining rupee, Naseer further said that the exporters held their payments in anticipation that the dollar’s value will rise in Pakistan.

Naseer also said that the government must ensure fixed exchange rate in order to discourage exporters from holding their payments for long.

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Malik Bostan, chairman of Forex Association of Pakistan (FAP), has said that the oil payments along with opening of letter of credits (LCs) for imports had put pressure on rupee.

Bostan said that in case of the release of the promised $4 billion from friendly countries, the pressure would release from rupee. However, he also showed concern over increase in prices of oil in the international market. He further urged the government that the import of luxury and non-essential items should be stopped.



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