Pakistani rupee continues losing ground, hits all-time low of Rs250 against US dollar
As the political crisis in Pakistan deepens, the Pakistani rupee hit an all-time low of Rs250 against the US dollar on Friday during the intraday trade in the interbank market.
According to the Forex Association of Pakistan (FAP), the rupee, which closed at Rs239.94, today reached to the all-time-low of Rs250 at the interbank.
Exchange Companies Association of Pakistan General Secretary Zafar Paracha laid the blame squarely on the country’s political situation and the government’s lack of action.
“The country’s political situation is bad but the government and political parties appear to be unconcerned. They are only concerned with saving their government,” he rued.
Zafar Pracha, General Secretary of Exchange Companies Association of Pakistan, says that the dollar rate in Afghanistan has become Rs255 rupees, due to which a large amount of dollars are going from here to Afghanistan.
He demanded the government to take immediate steps to stop the smuggling of dollars and trade in Pakistani currency instead of dollars from Afghanistan so as to stabilize the value of the dollar.
Saad Bin Naseer, director of Mettis Global, said that today the dollar is stable at yesterday’s closing rate, rather, its price has decreased in the inter-bank, while some uncertainty and instability is visible in the open market during the last 2 to 3 days.
He said that the cause of this instability in the market is the people who are buying and hoarding dollars, which money ex-changers are taking advantage of.
He said that at present there is no pressure on the rupee from imports and exports, it is the pressure of buying dollars by the public which will end soon.
State Bank of Pakistan has all the biometric records through which it can be easily found out who is involved in profiteering from dollars.