As the USD plummets, the rupee rises for the third day in a row.
As the US dollar continued to weaken in both open and interbank markets, the Pakistani rupee maintained its upward trend for the third day in a row.
The dollar dropped 72 paisas in the interbank market on the week’s penultimate trading day, closing at Rs283.50. The dollar fell one rupee more on the open market, from Rs287.60 to Rs286.60.
The dollar has lost Rs2.30 on the open market and Rs1.50 on the interbank market over the last three days.
Malik Bostan, chairman of the Exchange Companies Association of Pakistan (ECAP), blamed the drop on exporters selling more dollars in anticipation of more depreciation. He warned importers against making hasty purchases, speculating that the value of the dollar would drop to Rs280 or possibly Rs270.
Bostan added that the State Bank of Pakistan’s decision to stop buying dollars from the interbank market and continued efforts to crack down on the illicit hawala and hundi networks will probably cause the value of the US currency to decline even more in the days ahead.
