KARACHI: The Pakistani rupee continued to lose ground against the US dollar on Thursday, losing another Rs2.58 in the interbank market amidst floods and renewed political instability.
According to data released by the State Bank of Pakistan on Thursday afternoon, the interbank market closed with a US dollar trading for as much as Rs225.42. Earlier during intraday trading on Thursday, the rupee lost more than two rupees in value, as it slid from Wednesday’s closing value of Rs223.42.
Meanwhile, in the open market, a US dollar is being traded for as high as Rs235 after appreciating by Rs2. The State Bank of Pakistan has now issued a statement whereby from Wednesday, exchange companies have been directed to seek prior approval from SBP for the export of dollar currency notes.
The import of tomatoes and onions from Iran and Afghanistan has also contributed to the rise in demand for US dollars, which is having an effect on the currency markets, according to ECAP Chairman Malik Bostan.