KARACHI: The United States (US) dollar continued its climb against the Pakistani rupee in the interbank currency market on Wednesday.The Pakistani Rupee declined by almost 12 per cent last year. The dollar flight continues despite multiple measures taken by the State Bank of Pakistan (SBP) to stabilise the exchange rate.
According to the data shared by the State Bank of Pakistan (SBP), the greenback closed at Rs176.98 against the domestic currency, showing appreciation of 26 paisas over the previous close of Rs176.72.Federal Investigation Agency (FIA) is also continuously clamping down on hoarders and smugglers to restrict the outflow of the dollar in a bid to ease its demand.
Currency dealers claim that “nobody knows where is the boundary of this devaluation of the local currency.” The dollar burst through the Rs. 175 barrier on October 26, creating a new record.
The official agreement to resuscitate the $6 billion Extended Fund Facility has been reached with the IMF and will be signed later this week, according to information disclosed last week by Shaukat Tarin, the Prime Minister’s advisor on finance and revenue.
Mettis Global, an online resource for financial data and analytics, cited Asad Rizvi, the former head of Chase Manhattan Bank’s Treasury, as saying that the PKR, which was holding up quite well after the news of the Saudi deposit, lost approximately 440 paisa in nine days due to delay.
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