Karachi October 13 2022: Pakistan Rupee falls for the second consecutive day in interbank trading after gaining for straight thirteen sessions against dollar as government start opening LCs worth 50,000 dollars and dollar remained firm.
“Pending payments of letters of credit (LCs) worth $50,000 will be cleared this week” said Pakistan’s Finance Minister Ishaq dar on Sunday.
“A total of 7,952 cases were pending and after these decisions, nearly 4,400 requests of opening LCs will be subtracted” He added.
Pakistan workers’ remittances decreased by 10.5 percent on month on month and by 12.3 percent on year on year basis with inflow of US$ 2.4 billion during September 2022.
“Dollar inflows are increasing in October through the channel of remittances, Roshan Digital Account and exports” says SBP Governor.
The dollar index, which gauges the greenback against six major rivals, stuck near the middle of its range this week, trading little changed at 113.27, reported by Reuters.
Pakistan Rupee depreciate 42 paisa or 0.19 percent in interbank to close at 218.38 against yesterday closing of 217.96.
Moreover, In Open Market Rupee depreciate 2.5 to trade at 222.5 at PST 18:30, according to Forex Association of Pakistan.
Pakistan Rupee gains PKR 21.92 or 10.1% in consecutive thirteen sessions before yesterday decline due to finance minister assurance that the government’s is fully committed to fully honor all the commitments made with International Monetary Funds (IMF) and other creditors, besides addressing the issues faced by the local business community and increased financial assistance from financial institutions.