The Pakistani rupee lost another 0.71 percent of its value against the dollar because of rising political uncertainty and new estimates of flood damage. On Monday, the interbank market was almost at Rs230.
The State Bank of Pakistan (SBP) said on Monday afternoon that the value of the rupee dropped by about Rs1.64.
Interbank closing #ExchangeRate for todayhttps://t.co/V2nogjMqcl pic.twitter.com/yjpZbT1Cqa
— SBP (@StateBank_Pak) September 12, 2022
This caused the rupee to fall from Rs 228.18, where it ended last week, to Rs 229.82.
But the rupee’s value had dropped by about Rs1.82 during intraday trading in the interbank market when it fell to Rs230. The closing rate showed that the rupee’s value had gone up a little bit.
On the open currency market, one US dollar is now worth Rs 238. Since last month, the Pakistani rupee has been going down. Getting a loan of $1.1 billion from the International Monetary Fund (IMF) did not help the currency.
With damage from devastating floods, political unpredictability, and the import of tomatoes and onions, the need for US dollars has gone up again, which is affecting the currency markets.
Abdul Rauf, who started an import business, told SAMAA TV that banks are out of dollars and that trade on the black market is growing. He said that if the number of dollars in the country went down, it could lead to a food crisis. He also said that the situation could make it harder to buy goods to help flood victims.
Rauf said that banks have almost stopped giving out dollars for the past four days.