The rupee, which has been losing value for more than a week, lost Rs1.12 to the dollar in Friday’s opening interbank trade. The Forex Association of Pakistan reports that at 12:33 PM, the PKR was trading at Rs237 per USD (FAP).This represents a decrease of 0.47 percent from yesterday’s close of Rs235.88.
The increased import cost, according to FAP Chairman Malik Bostan, is causing the rupee’s value to fall. He urged the government to forbid the import of luxury and non-essential goods. He warned that the PKR could drop to 250 against the dollar if the Ministry of Finance does not step in.
Boston recommended that the government make an urgent request for assistance from friendly nations in order to relieve the pressure on the rupee.”The open market’s demand [for dollars] is increasing daily. The Umrah season has begun, which has increased demand for foreign currency, he continued.
The Pakistan Bureau of Statistics (PBS) reported that Pakistan’s imports of food and oil increased 11.4 percent in the first two months of the current fiscal year, from $4.56 billion to $5.08 billion. The cost of importing oil grew by more than 7 percent in July and August compared to the same months last year, rising to $3.30 billion.