The Pakistani rupee’s pathetic run against the US dollar seemed not endingas the greenback soared to another historic high in interbank trading onMonday.
According to the State Bank of Pakistan, the Pakistani rupee depreciated byanother rupee against the US dollar and ended the day at another historiclow of Rs302.
On Friday last also, the Pakistani rupee had hit a new record low againstthe US dollar, as it settled at RS301 in the interbank market. At close,the rupee had settled at Rs301 after a decrease of 78 paisas.
In a key development, Caretaker Federal Minister for Commerce andIndustries Dr Gohar Ejaz had stressed the need for early operationalizationof the EXIM Bank for enhancing Pakistan’s exports. The enhancement ofexports is critical as Pakistan struggles with low foreign exchangereserves.
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The central-bank held foreign exchange reserves decreased by $125 millionon a weekly basis, clocking in at $7.93 billion as of August 18, on accountof debt repayments, data released on Thursday last showed.
