Rupee in hot water as US dollar shoots up to Rs229.82

Greenback gains another Rs1.64 against the rupee during trading in interbank
Sep 12, 2022
<p>Photo:SAMAA/file</p>

Photo:SAMAA/file

Growing political uncertainty and fresh assessments of flood damage saw the Pakistani rupee depreciate another 0.71% against the US dollar which nearly jumped to Rs230 in the interbank market on Monday.

According to data released by the State Bank of Pakistan (SBP) on Monday afternoon, the rupee lost around Rs1.64 in value.

This meant that the rupee slid from Rs228.18, the level at which it closed last week, to Rs229.82.

However, the closing rate showed slight strengthening of the rupee after it had lost around Rs1.82 in its value during intraday trading in the interbank when it fell to Rs230.

Open market

In the open currency market, the value of a US dollar has soared as high as Rs238.

The Pakistani rupee has been on a downward trend since last month despite receiving $1.1 billion from the International Monetary Fund (IMF) loan failed to strengthen the currency.

With devastating flood damage, political uncertainty and import of tomatoes and onions, the demand for US dollars has grown again, causing an impact on the currency markets.

Abdul Rauf, founder of an import company, told SAMAA TV that banks have run out of dollars and the volume of black market trade was growing.

He said that curtailed supply of dollars could precipitate a food crisis in the country.

The situation could also affect the purchase of relief goods for the flood survivors, he said.

Rauf said that for the past four days dollar supply from banks has almost dried up.

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