KARACHI – The greenback soared to Rs148 intraday in the interbank marketafter registering hike of approximately Rs5.
Amid rife speculation in the local financial markets that rupee may slidefurther, the US dollar—at one stage—registered hike of record Rs6.50.
Surprisingly, local currency witnessed record devaluation just a day afterPrime Minister (PM) Imran Khan constituted a committee to monitor andcontrol devaluation of the PKR against greenback.
Talking to media, ECPA secretary general revealed that US dollar was noteasily available in the market whereas exchange companies were not in aposition to chip in large amount of dollars.
Read Top Stories
During bailout negotiations with the Pakistan, the International MonetaryFund (IMF) had stressed on ‘market determined exchange rate’. Poignantly,the local financial markets have not responded positively as yet.
“Fears of further devaluation as a result of the agreement with the IMFhave depressed the currency market and the rupee may lose more against thegreenback in the coming days,” Secretary General of Exchange CompaniesAssociation of Pakistan Zafar Paracha had said on Monday.
