The US dollar maintained its upper hand in the money market as the greenback gained Rs1.56 in value against the Pakistani rupee, reported 24NewsHD TV channel.

According to the forex dealers, the US currency was up Rs1.56 in interbank trading and ended the day at Rs235.88.

https://twitter.com/StateBank_Pak/status/1570356557505863680

During the last nine days, the US dollar has accumulated Rs16.90 against the Pakistani rupee.

On Wednesday, the rupee lost another Rs2.40 in value against the US dollar and closed the day at Rs234.32. In the open market, the dollar also took major stride and closed the day at Rs239.

https://twitter.com/StateBank_Pak/status/1569987728896413703

The rupee has been losing ground against the dollar since Sept 2. It fell by Rs11.60 during the last week. 

Though the country has received the stalled IMF tranche worth $1.166 billion last month but the market is still not reposing confidence in rupee as has been evident in the declining trend in the value of the local unit.

The other factors which are negatively impacting the Pakistan currency arise out of the financial losses in the wake of recent floods as the country’s exports would be declining and imports would surge in view of rehabilitation of the flood-affected areas.

FPCCI President Irfan Iqbal Sheikh also pointed out the other day that the differential between interbank and open market was widened to Rs8 to Rs10 due to speculative trading by the commercial banks, rumours of further rupee depreciation and week implementation of policy tools by the State Bank of Pakistan.

He demanded of the SBP to take stricter measures to quell the speculative trading. 

Reporter Ashraf Khan