Karachi: The Pakistani rupee fell against the dollar on Wednesday in the inter-bank as well as the open market.
The local currency fell Rs3.26 or 1.16% against the dollar in the interbank market to close at 280.29, according to the State Bank of Pakistan (SBP), down from yesterday’s rate of 277.03 — the second consecutive decline.
Today’s depreciation comes a day after the rupee’s 28-day winning streak broke.
Interbank closing #ExchangeRate for todayhttps://t.co/MaQrBcTLrz#SBPExchangeRate pic.twitter.com/vzQmy6TCsN
— SBP (@StateBank_Pak) October 18, 2023
On the other hand, the US dollar saw an uptick of Rs 4 in the open market as it closed at Rs 281.
Currency dealers said the rupee was quoted at 280 for selling and 277 for buying purposes for customers.
However, at the end of trading, the currency closed at 281 for selling and 278 for buying, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
Secretary General Exchange Companies Association Zafar Paracha has declared an uptick in the US dollar price as an artificial.
Talking in Abbtakk New Program Beneqab, he said that in the collusion of banks and the currency mafia, the greenback was increased.
Zafar Paracha apprised that he has already informed the respective institutions that the dollar mafia has once again mobilized.
He said that the security agencies needed to mobilize again before the matter worsened more.
It is pertinent to mention that the US dollar appreciated by Rs 4 in the open market and Rs 3 in the inter-bank market today.
