Karachi June 8 2022: The dollar drop sharply by more than 3 rupees to trade at 199.75 against the rupee on Wednesday as SBP and Ministry of Finance assured no freezing of foreign currency accounts after closing at all-time low of 202.83 on yesterday.
Yesterday, the dollar closed at Rs 202.83.
Earlier, in May, the dollar reached a high of 202.5 at the Interbank Foreign Exchange
According to currency dealers, the main reason for the yesterday depreciation of the rupee against the dollar was the need for dollars for oil products as foreign banks have opened LCs for Pakistani oil products at 15-20% cash margin. Now foreign banks are demanding 100% cash margin for this.
According to him, Pakistan is considered a high risk country by foreign banks and they are reluctant to open LCs for import of oil products.
