September 26, 2022
Business

Rupee continues to decline, losing 2.76 rupees in interbank trading

Rupee continues to decline, losing 2.76 rupees in interbank trading

In the interbank market on Friday, the rupee, which has been falling for nearly a week, lost Rs2.76 to the dollar.

The PKR lost 1.21 percent from yesterday’s close to close, closing at Rs228.18 per $1.
The currency rate was under pressure, according to Saad bin Naseer, director of Mettis Global, due to payments and a demand-and-supply imbalance.

He continued by saying that the quarter-end payments will keep the system under stress. This week, some oil payments were made. Additionally, the dollar rates were gradually raised by bankers as a result of the widening rate differential between the interbank and open markets.

He continued, “Remittances are slow, exporters are on hold, plus banks are quoting exporters significantly higher bid prices and it’s also the cause for worry.”

He added that the dollar was available and there was no panic in the interbank market today.

In order to draw in more dollars, Naseer requested that the State Bank of Pakistan (SBP) raise the rates for Roshan Digital Accounts (RDA). Because the RDA rates have not changed in comparison to US Treasury bonds, the momentum of dollar inflows has decreased, he said.

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