Dollar pummels rupee, rises to near all-time high of Rs239.65 in interbank

Greenback gains another Rs0.74 during intraday trading on Wednesday
Sep 21, 2022
<p>PHOTO: SAMAA TV</p>

PHOTO: SAMAA TV

The Pakistani rupee continued to lose ground against the US dollar on Wednesday as the latter rose to Rs239.65 during intraday trading in the interbank market.

According to data released by the State Bank of Pakistan (SBP) on Wednesday afternoon, the rupee depreciated by 0.31%.

During intraday trading in the interbank on Wednesday, the rupee started the day at Rs238.91 but fell to a record low of Rs240 against the US dollar.

But the rupee strengthened in value prior to the close of the market and rose to Rs239.65, losing a cumulative value of Rs0.74.

The last time the rupee was this low was at the end of July when it had fallen to a value of Rs239.37. The rupee’s lowest-ever value in the interbank is Rs239.94 which it attained on July 28 this year.

However, political uncertainty and devastation from the floods - which culminated in a slower growth projection by the ADB on Wednesday morning, meant that there was additional pressure on the rupee.

The rupee’s value has fallen over Rs21.05 since the beginning of September, soon after receiving a $1.1 billion cash injection from the International Monetary Fund (IMF).

Even Saudi Arabia rolling over a $3 billion loan earlier this week has done little to alleviate the pressure on the rupee.

Open currency market

In the open currency market, the dollar continued to behave as per black market rules with its value exceeding Rs246.

The value of dollar has significantly increased by Rs57.07 in six months this year.

Pakistan’s external debt has increased by Rs2 trillion as a result of the increase in the value of the dollar.

According to the currency dealers, food imports of $1 billion have caused a boost in the demand for dollars.

Even the IMF program’s restoration was unable to lower the value of the dollar.

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