Monday, December 6, 2021

US dollar surges high against Pakistani rupee

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

According to foreign currency dealers, the local unit depreciated by 28 paisas to Rs175.26 against the greenback in intra-day trading in the interbank market. The dollar had closed at Rs174.98 against the rupee the other day.

In the open market, however, the greenback is trading at Rs176.50 against the local currency.

Also Read: SBP forex reserves fall $691mn to $16.3bn

Earlier today, Adviser to the Prime Minister on Finance Shaukat Tarin blamed speculators (satta mafia) for devaluation of the local currency.

Speaking to the media, Tarin said, “the real effective exchange rate of the dollar, experts say, should be around Rs165-67.” If the greenback is trading as high as Rs176 in the interbank market, then the rupee is undervalued by almost Rs10, he added.

Also Read: US$3 bn to be transferred from Saudi Arabia in week: Fawad Chaudhry 

He said speculators are behind the current devaluation of the rupee. They will be hit hard once the rupee starts appreciating against the dollar, he warned. The adviser said the government is taking steps to bring the dollar down to its actual rate.

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