Connect with us

Hi, what are you looking for?

Online Business Success

US dollar climbs over 188-mark

410065 120336 updates


A currency dealer exchanging Rs1,000 and Rs5,000 notes. — Reuters/File
A currency dealer exchanging Rs1,000 and Rs5,000 notes. — Reuters/File
  • Pakistani rupee continues on non-stop downward streak for 17th successive working day.
  • Recent round of depreciation emerges as political crisis deepens in country.
  • SBP remains silent over current exchange rate situation.

KARACHI: The Pakistani rupee surpassed all records on Thursday, selling at above Rs188 against the dollar in the interbank market during intra-day trading, to continue down a slide that has seen it lose more than 10% since March 4 in the wake of the deepening political crisis in the country.

The local currency was trading at Rs188.35 in the interbank market, down Rs2.22 from Wednesday’s close of Rs186.13.

The rupee has continued a non-stop downward streak for the 17th successive working day, except on March 24 when it closed flat compared to the previous day’s closing as investors worried about the political situation and economy, adding pressure on the central bank to rescue the falling currency.

The recent round of depreciation emerged after the political crisis deepened in the country which also created problems for the importers in arranging dollars to make payments; however, SBP remains silent over the current exchange rate situation.

In times of currency depreciation, traders’ guidance triggers panic buying in the market. 

They convince importers to buy more in a short period to make their payments so this unnecessary demand creates a shortage of dollars in the market. 

At the same time, they advise exporters to not sell dollars and hoard it in anticipation of further depreciation, which weakens the greenback supplies.

The State Bank of Pakistan (SBP) had adopted a flexible market-based exchange rate regime in 2019.

Advertisement. Scroll to continue reading.



Source link

Click to comment

Leave a Reply

Latest

Top Stories

Crypto prices have been exploring new lows for weeks and currently it’s unclear what it will take to reverse the trend. Despite the downtrend,...

Technology

Something to look forward to: The first game to support AMD’s new FSR 2.0 upscaler was Deathloop, which compares favorably to Nvidia’s DLSS. Recently,...

Social Media

LinkedIn is currently seeing ‘record levels’ or user engagement, but much of that is seemingly dominated by re-posts from other platforms, spam, vaguely topical...

Top Stories

Brazil’s Federal Reserve (RFB) has declared that Brazilian investors in the crypto-asset market must pay income tax on transactions that involve the like-kind exchange...

Technology

WordPress is web software you can use to create a beautiful website or blog. We like to say that WordPress is both free and...

Social Media

Digital content managers and webmasters, best to keep an eye on your Google rankings over the next few weeks. Today, Google has confirmed that...

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement