KARACHI: The rupee suffered losses for the fourth day as it depreciated by 46 paise against the US dollar in the interbank market on Monday making it difficult for the government and the State Bank of Pakistan to stabilise the exchange rate.
According to the SBP, the dollar traded at Rs218.89 compared to Rs218.43 the previous day.
However, the Exchange Companies Association of Pakistan (ECAP) reported the closing price in the interbank market at Rs220 compared to Rs219.50 in the last trading session.
In the open market, the greenback lost 30 paise to close at Rs225.70 against Rs226 in the previous session. On Oct 11 its price was Rs219.
It seemed the bullish market sentiments that emerged after the appointment of Ishaq Dar as finance minister amid hopes that he may be able to secure dollar inflows have vanished.
Pakistan needs about $32 billion in FY23 to make payments against foreign obligations, mostly debt servicing and to meet the current account deficit. The finance minister in a recent interview with a foreign news agency had said he would seek rescheduling of some $27bn worth of non-Paris Club debt largely owed to China.
Published in Dawn, October 18th, 2022
