Karachi June 8 2022: The Dollar recover most of the losses in the interbank trading after falling sharply by more than 3 rupees to below 200 in the morning session to trade at 202.5 against the rupee.
Yesterday, the dollar closed at an all time low of
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 is 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.
