Thursday’s early trade in the interbank market saw a loss of Rs1.78 for the rupee, according to figures released by the Forex Association of Pakistan (FAP).
In comparison to yesterday’s closing rate of Rs223.42, the dollar was trading at roughly 11:26 am at Rs225.20.
The dollar saw an increase against the rupee by RS 2 during the previous session.
The dollar has been rising against 40 other currencies for weeks, according to FAP Chairman Malik Bostan, and its effects are also being felt in Pakistan’s currency market.
Bostan said that the open market price of the rupee was Rs.8 higher and urged the government to take action to reduce this discrepancy.
The official continued, “The government should use its diplomatic channels to put an end to the UAE government’s rule requiring travelers from Pakistan to carry 5,000 dirhams in cash.”
He continued by saying that if the $4 billion offered by friendly nations arrived in Pakistan right once, it would lessen pressure on the currency and aid in stabilizing its value.
