US dollar turns the tables on Pakistani rupee in interbank market

The US dollar turned the tables on the Pakistani rupee in the interbank market as it scored a handsome gain on Wednesday, reported 24NewsHD TV channel.

According to the information collected from forex dealers, the local currency depreciated by massive Rs3.26 against the greenback and ended the day at Rs280.29.

Interbank closing #ExchangeRate for todayhttps://t.co/MaQrBcTLrz#SBPExchangeRate pic.twitter.com/vzQmy6TCsN

— SBP (@StateBank_Pak) October 18, 2023

On Tuesday, the Pakistani rupee had ended its 28-day winning spree against the US dollar, depreciated by 0.07% to settle at Rs277.03.

Interbank closing #ExchangeRate for todayhttps://t.co/Xmpc8bGt0G#SBPExchangeRate pic.twitter.com/sdhbPZmUOK

— SBP (@StateBank_Pak) October 17, 2023

In a related development, the large-scale manufacturing (LSM) recorded year-on-year growth of 2.52%, a positive indication after 11 months, data released by the Pakistan Bureau of Statistics (PBS) revealed.

The decline comes amid “higher demand for the dollars to make upcoming foreign payments.”

Meanwhile, former Federal Board of Revenue (FBR) chairman Shabbar Zaidi, in a post on social media platform X, formerly known as Twitter, termed the US dollar hike as ‘artificial’ and urged the authorities to take immediate action. “Names of all persons buying from exchange companies regularly and frequently to be communicated to State Bank and FBR. EC’s sale of US dollars to be inspected daily by SBP staff. Intelligence agencies to be activated,” said Zaidi on Wednesday.

https://twitter.com/SShabbarZaidi/status/1714520658632175749

 

Reporter Ashraf Khan