US dollar crosses Rs175 mark in interbank market

KARACHI: The Pakistani rupee extended losses against the United States (US) dollar in the interbank currency market on Friday.

In early trade, the local currency registered gains appreciating by 67 paisas to Rs174 against the greenback. However, the rupee couldn’t maintain positive momentum and soon afterwards, depreciated by 83 paisas to Rs175.50.

The rupee had closed at Rs174.67 against the US dollar in the interbank market the other day.

Also Read: Pakistan’s foreign exchange reserves decline by US$381 mn: SBP

In the open market, however, the dollar is trading at Rs175.60 against the local currency.

On Thursday, the State Bank of Pakistan (SBP) took notice of alleged involvement of bankers in rupee devaluation.

SBP Governor Reza Baqir met the heads of commercial banks and apprised them of their employees’ alleged involvement in encouraging large-scale buying of dollars, causing rupee fall.

Also Read: Bank staffers allegedly encouraged dollar hoarding, shares SBP governor

Governor Baqir directed the banks to take strict action against the employees found involved in such practices beside monitoring the computers and phone records of the suspicious employees.