US dollar again takes big stride against Pakistani rupee

By: News Desk
Published: 10:51 AM, 20 Sep, 2022
US dollar again takes big stride against Pakistani rupee
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The US dollar Tuesday gained Rs1 against the Pakistani rupee and straight closed at Rs238.91 in interbank trading, reported 24NewsHD TV channel.

The dollar has a strong grip over the exchange rate and the clutch is getting stronger with each passing day amid Pakistan’s falling foreign exchange reserves and higher imports.

On Monday the American currency gained Rs1.01 against the local currency and reached Rs237.91 in interbank trading while the government grapples to control greenback outflows.

Karachi forex traders said that the American currency has reached Rs238 from Rs236.84, however, closed at Rs237.91 on Monday.

The US dollar flight is continued and the federal government authorities tasked FIA to control the US flight and it has been decided to launch crackdown against hoarders and hundi dealers.

It was reported that banks have doubled their buying of the US currency and were sending it abroad via credit cards.

Earlier, International Monetary Fund (IMF) Resident Representative to Pakistan Esther Perez Ruiz Sunday offered sincere condolences on the devastations caused by the flood in Pakistan. 

“Pakistan will have support from the IMF for the restoration and rehabilitation of the flood-hit areas and the affected people,” IMF official added.

Also, Saudi Arabia has extended the date of return of 3 billion dollars to Pakistan by one year. According to the State Bank of Pakistan (SBP), Saudi Fund for Development has confirmed to roll over 3 billion dollars.

Reporter Ashraf Khan