*KARACHI: **Pakistani Rupee may hit Rs 170 mark against US dollar, MediaReport has revealed.*
The Pakistani currency continued its downward spiral as it dropped to143.70 to the US dollar on Monday as the gap between demand and supply offoreign currencies widened significantly.
The rupee also hit an intra-day low of 145 to the greenback. The rupeeweakened in the open market despite remaining stable at 141.39 to thegreenback in the inter-bank market during the day, the State Bank ofPakistan (SBP) reported.
The inter-bank market has continued to hover around current levels for thepast around one month.
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“The demand for foreign currencies, especially the US dollar, has doubledwhile their supply has shrunk to zero in the open market on rumours thatPakistan had agreed to let the rupee depreciate up to 165-170 to thegreenback under the IMF loan programme,” Exchange Companies Association ofPakistan (ECAP) Secretary General Zafar Paracha said.
People, who were supposed to buy dollars a week or month later, are tryingto purchase them now while potential sellers delayed the exchange offoreign currencies in anticipation of further rupee depreciation.
