On Monday morning, the US dollar continued to rise in value, reaching more than Rs210 against the Pakistani rupee. According to the Forex Association of Pakistan, the rupee has declined significantly in value over the weekend, dropping by Rs2.55 to reach an all-time low of Rs210.3 against the dollar.
In the open market, the greenback is currently worth Rs212. Saeed Bin Naseer, director of Mettis Global, told Dawn.com that the rupee is under pressure due to reports 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.
The IMF’s announcement of the revival of the loan programme or updates on China’s inflows could help stabilize the exchange rate, Naseer said.
