According to the Forex Association of Pakistan (FAP), the rupee depreciated sharply by Rs2.55 to hit an all-time low of Rs210.3 against the dollar from Friday's close of Rs207.75. In the open market the greenback was trading at Rs212 as of 10:30am.
Saeed Bin Naseer, director of Mettis Global, told Dawn.com that the rupee remained under pressure on the first day of the week due to the news of banks running out of dollars over the weekend. "The dearth of dollar at banks resulted in low or negative swap premiums as the country’s foreign exchange reserves continue to run dry," he pointed out. An announcement from the IMF regarding the revival of the loan programme or updates on inflows from China could help stablise the exchange rate, Naseer added. According to Mettis Global — a web-based financial data and analytics portal — the rupee incurred a colossal loss of Rs6.4 during five consecutive sessions last week. Read More : https://www.dawn.com/news/1695795/dollar-reaches-new-high-soars-past-rs210-in-interbank-trade
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