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Currency crisis: Rupee closed at 191.77. in inter-bank hits 193 in open market – Markets

The currency of Pakistan was thrown deeper into oblivion on Thursday, with rupee closes near 192 against United States dollar against the backdrop of deepening economic problems and lack of policy-plan in Sight.

conditioned market speculation and panic over low foreign exchange reserves, the rupiah was on downward trend for a few weeks and fell for sixth session on Thursday.

By State Bank of Pakistan (SBP), rupee closes at record low of 191.77 in a day-on-fall day of Rs 1.75 or 0.91%.

In the open market the rupee was trading in 192-193 range with dealers say yes clear a lack of of dollars, explaining this by the lack of dollar sellers.

Another record low: rupee crosses 190 as currency slide into oblivion continues

Currency crisis exacerbated by uncertainty over the resumption of of International Monetary Fund (IMF) assistance program and Pakistan government willingness to meet conditions of Washington lender.

On Wednesday, the rupee closed at its then all-time low. of 190.02 against dollar in a dayon-fall day of Rs 1.36 or 0.72%.

Head of Pak Kuwait Investment Company of Research Samiullah Tariq said the quotes climbed to 192 during the day.

“Banks gave quotes of 192 rupees and more also, however, it is not clear whether the rupee traded at that price or not,” he said.

Ismail Iqbal Director of Securities of Fahad Raouf spoke about the study. business recorder what latest depreciation is due to speculation in foreign currency market forthcoming of meeting between the economic managers of Pakistan and the leadership of the IMF.

An announcement with With regard to the IMF program, in start that is expected to govern direction of local currency in in next a few days.

Market projects that the rupee will remain volatile until resumption of IMF assistance in the amount of $6 billion.

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Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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