KARACHI Aug 31 (Online): The unbridled fall of the Pakistani currency continues and on Thursday, the dollar became more expensive by one rupee and 10 paise against the rupee in the interbank market.
According to the Exchange Companies Association of Pakistan, the US dollar reached 305 rupees 55 paisa at around 12:30 p.m., while the dollar closed at 304 rupees 45 paisa yesterday according to the Central Bank.
The Pakistani currency has depreciated by 10.93 percent or 30 11 paise to the dollar in less than the first two months of this fiscal year, when the IMF approved the Standby Arrangement Agreement (SBA). In the interbank market, the dollar was at 275 rupees 44 paise.
According to exchange companies, the government has lifted the ban on imports of non-essential products, which has led to an increase in the demand for dollars and due to this, the US currency is becoming more expensive in the interbank market, while the other reason is that the current economic situation which has badly affected confidence of investors.
According to details, devaluation of rupee continued in interbank and open market on Thursday.
305 in the interbank dollar, while in the open market it reached the level of 323 rupees.
According to the State Bank, the value of the dollar in the interbank yesterday increased by 1.09 rupees to the level of 305.54 rupees, while according to the Forex Association, the dollar in the open market yesterday The value was recorded at Rs 323 with an increase of Rs 3.50.
The price of Euro increased by 3 rupees to 352 and the price of British pound increased by 5 rupees to 411 rupees. The price of Saudi riyal increased to 86 rupees and the price of UAE dirham reached 89.50 rupees.
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