Karachi September 6 2022: Pakistan Rupee depreciates 1.64 in the interbank against dollar as the gap widens between Interbank and Open market to an unprecedent levels.
Dollar in the open market trading at 233.3 (PST 12:20) after yesterday trading range of 231-232 due to shortage in the forex market as demand increased from importers of Iran and Afghanistan.
“Credit cards and imports of onions and tomatoes from Iran and Afghanistan increased demand for dollars” says Malik Bostan President Forex Association of Pakistan.
He added, “The rate of LCs in interbank is something and the dollar rate of payment of credit cards is something else.”
Currency dealers claim that “Banks are selling dollars for credit card payments at Rs 235”
Pakistan Rupee depreciates 1.64 or 0.7% in interbank to trade at 221.5 (PST 12:20). Yesterday, rupee closes at 219.86 against dollar after depreciation of 0.4%.
The dollar took a breather on Tuesday after a sweeping rally but notched a fresh 24-year high against the rate-sensitive Japanese yen, as U.S. monetary policy tightening gathers pace and widens the gap with Japan’s stubbornly low interest rates.
The dollar index fell 0.02% to 109.58 after rising as high as 110.27 on Monday.