The Pakistan rupee continued to depreciate in the interbank market in the afternoon, losing another 1.36 against the dollar, while it gained ground in the open market.
The dollar was trading for Rs307 in the interbank market at around 12:15pm, according to the Exchange Companies Association of Pakistan (ECAP). It had closed at Rs305.64 the previous day, according to State Bank of Pakistan data.
In the open market, however, it was being traded at Rs324, down from yesterday’s of Rs328.
“The army chief’s meeting and resolve to take on smugglers has led to the fall [in the dollar’s rate in the open market,” stated Khurram Schehzad, chief executive of financial consultancy firm Alpha Beta Core.
The open market fluctuated yesterday as well during the day with the rate for greenbacks going up to Rs338 but coming back to the previous closing of Rs328.
The news about billions of dollars of possible foreign investments in Pakistan was listened to closely by the market and currency dealers said the claim could keep the market peaceful for the next few days.
More to follow
from The Dawn News - Home https://ift.tt/PaOuAhi
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