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Tuesday, October 4, 2022
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HomeBusinessRupee continues fall as it reaches Rs221.42 against dollar

Rupee continues fall as it reaches Rs221.42 against dollar

The Pakistani rupee continued its fall in the interbank market as it reached Rs221.42 against the dollar on Tuesday, according to State Bank of Pakistan (SBP).

The local currency depreciated by 0.7 percent against the previous day’s value of Rs219.86.

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According to the Forex Association of Pakistan (FAP), at 04:00pm, the rupee was being traded at Rs232.

Import of duty-free vegetables has caused the rise in dollar’s rate, Malik Bostan, chairman of FAP, told local media that the demand of the greenback had increased for vegetable import from Iran and Afghanistan.

He said that it should be ensured that the dollars being bought for imports should not be misused. Bostan further said that after the funding of $4 billion would be received from the friendly countries, dollar would slide down.

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He also said that the difference of dollar rate in the interbank and open market had reduced through great difficulty but it has again risen by Rs10.

According to economic and market experts, political uncertainty, lack of clarity on future inflows and expected decline in remittances from friendly countries were pushing the rupee lower.

Rupee had fallen to a record low of 239.94 on July 28 after which it recovered until closing at Rs213.90 on Aug 16. However, the rupee started falling again from Aug 17 till Aug 29. It again gained for three sessions against the dollar before declining on Friday.

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