Islamabad: The Pakistani rupee continued to slide against the dollar on Wednesday, hitting another low of Rs236 in the interbank market.
According to the Forex Association of Pakistan (FAP), the local currency fell from Rs3.77 to Rs236.70 from Tuesday’s close of Rs232.93 at 11:30 am.
FAP chairman Malik Bostan highlighted that there was a need to increase dollar inflows as it would stabilize the rupee.
He further stated that the local currency should be used for trade with Afghanistan as it would save $2 billion in foreign exchange.
Presently, Bostan continued, Pakistan’s inflows were short. “In such a situation, the transfer of $2 billion to Afghanistan [for imports] is increasing our difficulties,” he added.
Meanwhile, Komal Mansoor, head of a strategy at Tresmark, said that the pressure on the rupee would persist as long as there was a shortage of dollars.
The dollar has come under renewed pressure amid higher demand from importers. Bankers say the “import mafia” has practically drowned the national economy and is still insisting that more imports be allowed while the country is already on the brink of default.
On Tuesday, Finance Minister Miftah Ismail said the pressure on the rupee would “vanish” in a couple of weeks.