What is behind the devaluation of Pakistani Rupee?

ISLAMABAD – Exchange companies have termed loose border control and mediaresponsible for the devaluation for the Pakistani Rupee.

They are demanding strong border control to stop Pakistani Rupee’sdeclining value in the open currency market. They also blame the media forspreading the news about Rupee’s devaluation, as some news channelsreported that the US Dollar (USD) will go up to Rs. 135 soon.

After the recent increase in USD value in the open market, State Bank ofPakistan (SBP) called meetings with the Exchange Companies Association ofPakistan (ECAP) and other major players of the currency market.

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Forex Association of Pakistan’s president Malik Bostan and ECAP’s GeneralSecretary Zafar Paracha attended the meeting with SBP’s Executive Director,Syed Irfan Ali.