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US Dollar Rises To Ruppees 212
On Tuesday, the US dollar continued to make fresh highs against the local currency, rising to Rs212 in early morning interbank activity.
Pakistani Currency Decined By Ruppees 2
The rupee declined by Rs2 against the dollar, reaching an all-time low of Rs212 against the dollar, according to the Forex Association of Pakistan (FAP). The dollar rose sharply by Rs1.21 yesterday, continuing a pattern that has been going on for almost a week.
Last week, the rupee lost Rs6.4 in five straight sessions, according to Mettis Global, a web-based financial statistics and analytics service.
Government Appears To Be Fully Reliant On IMF
According to Tresmark’s head of research, Komal Mansoor, the government appears to be fully reliant on an IMF bailout.
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“There is some support for the currency around the present 211 level,” she added, “but we are seeing a daily decline of the rupee until the IMF staff-level agreement is reached.”
The rapidly diminishing foreign exchange reserves, according to FAP head Malik Bostan, are “placing pressure” on the rupee.
Foriegn Exchange Reserves Have Dropped To Single Digits
“Foreign exchange reserves have dropped to single digits for the first time in a long time, which has frightened the market,” he said.
Pakistan’s reserves have dropped by another $234 million, bringing the total to slightly under $15 billion, according to the SBP. The central bank owns little under $9 billion of these reserves.
Second, due to the forthcoming Haj season, demand for the dollar is high, according to Bostan. “This year, around 400,000 Pakistanis are performing Haj and purchasing money. The local currency is suffering as a result of this.”
