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No respite: Rupee continues fall to 224.92

The Pakistani rupee has continued to fall in the interbank market as it reached Rs224.92 against the dollar on Wednesday.

According to the State Bank of Pakistan, the rupee closed at Rs224.92 against the previous day’s close of Rs221.99, with a depreciation of -1.30pc.

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Saad Bin Naseer, director of Mettis Global, told local media that the markets were without economic guidance amid the evolving political situation that has been causing the free-fall in the value of rupee.

He further said that guidance about elections on political front from PTI or incumbent coalition government regarding elections would be required for the rupee to stabilise.

He added that despite the SBP listing domestic and international reasons for the local currency’s decline, markets were worried about the future of inflows from the International Monetary Fund, friendly countries and other sources.

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Zafar Paracha, general secretary of Exchange Companies Association of Pakistan, said that depreciation of rupee was one of the conditions that the government agreed to with the IMF. He further cautioned that inflation would increase and law and order would deteriorate.

Paracha further blamed the government and SBP for not taking steps to halt the rupee’s decline.

SBP on Tuesday had attributed the depreciation of rupee to the influence of market forces.

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