The Pakistani rupee, which reached a record low last week, declined by an additional Rs6.5, according to data released by the Forex Association of Pakistan (FAP), trading at Rs270 per dollar in the interbank market at around 12 pm on Monday.
This marks a loss of 2.48 percent from the close on Friday of Rs 262.6.
Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan, attributed the depreciation of the rupee to a shortage of dollars (ECAP). He said that there had been no restart of the dollar supply.
Last Monday, the SBP deputy governor gave representatives of exchange companies assurances that commercial banks would be told to give the exchange companies money.
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The market is very tense right now. If money is received, things will calm down a little. People won’t sell their remittances or export revenues as long as the market is volatile, according to Paracha.
The coalition administration let up of its control over the dollar’s value after trying to persuade IMF authorities to reinstate the $7 billion loan programme, which is what caused the current devaluation period.