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HomeBusinessRupee's depreciation continues, reaches Rs218.38 per dollar

Rupee’s depreciation continues, reaches Rs218.38 per dollar

The depreciation of rupee continued as the local currency lost 0.33 percent of its value, or Rs0.72 on Wednesday to reach Rs218.38 per dollar, according to the State Bank of Pakistan (SBP).

Forex Association of Pakistan (FAP) Chairman Malik Bostan told local media that the government’s announcement of lifting ban on imports of luxury and non-essential items had caused the demand of dollar to increase. He added that dollar was also being used for Afghan transit trade.

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Bostan also added that government’s directives to all international passengers for submission of declaration had also reduced the dollar supply of exchange companies. He told that previous selling of $15 million worth of foreign currency has dropped to $5 million per day.

United Arab Emirate’s condition upon arriving Pakistanis to have 5,000 dirhams has also increased demand of that currency, which was eventually affecting dollar rate, according to Bostan.

The FAP chairman also said that in order to reduce demand of dollar, government must curtail imports. He also added that the minimum amount required to travel abroad should also be reduced because that would also be helpful in reduction of demand of dollar.

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Saad Bin Naseer, director of Mettis Global Director, told local media that the pressure on the rupee was prevailing because exporters were holding their proceeds.

The dollar had reached the highest value of Rs239.94 against the rupee on July 28. After July 28, rupee showed appreciation and reached Rs213.90 per dollar on August 16. However, since August 16, rupee has again been depreciating against the greenback.

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