The dollar continued to appreciate and the dollar hit a record high of 232 rupees after the inter-bank rate rose by 3 rupees 50 paise.
The US dollar continued to appreciate on the first day of the business week on Monday and the rupee depreciated by one rupee 75 paisa as the day began.
In the second session of the day, the rupee suffered further losses and touched the level of Rs 232 for the first time in the country’s history after the dollar appreciated by Rs 3.50.
The Forex Association of Pakistan also confirmed the depreciation of the rupee and said that the rupee depreciated by Rs 3.63 on Monday compared to closing at Rs 228.37 on Friday and was at Rs 232 at around 1.30 pm. reached
Saad Bin Naseer, director of Metis Global, said the rupee remained under pressure due to the ‘political uncertainty’ surrounding the Punjab chief minister’s election.
Meanwhile, on the demand front, importers have resorted to fast opening of their letters of credit in view of the depreciating rupee, he said, adding that exporters are also looking to maximize their funds. Sending money abroad.
He said the government should issue guidelines in conjunction with the State Bank of Pakistan (SBP) to ensure that exporters convert their dollar earnings into rupees immediately after receiving payments.
He said that exporters’ efforts to maximize their rupee earnings and the delay in the transition to rupees have put extreme pressure on the exchange rate, leading to a significant shortage of dollars in the market.