PKR falls to historic low of 250 against US Dollar in open market
PKR falls to a historic low of 250 against US Dollar in the open market on Friday!
According to the State Bank of Pakistan (SBP), the local rupee closed at 239.37 in the interbank, up Rs0.57, or 0.24 percent, compared to yesterday.
Interbank closing #ExchangeRate for todayhttps://t.co/7mgh1WaWW6 pic.twitter.com/YkprdgF19D
— SBP (@StateBank_Pak) July 29, 2022
While the FAP handout showed the rupee closed at 240 in the interbank market.
According to data shared by the Forex Association of Pakistan (FAP), the rupee was trading at 250 against the greenback at 1:10 pm but then recovered slightly to reach 247 by 4:20 pm.
However, the Pakistani rupee made small gains in the interbank after nearly two weeks of consistent decline in consecutive sessions.
Money changers in the curb market are reported to be asking for rates of their choosing!
Saad Bin Naseer, director of Mettis Global — a web-based financial data and analytics portal, on the current situation, elaborated that the money changers are taking advantage of it.
“Panic is being created, the dollar is being kept at an elevated rate and profit is being made in dollars through trading,” he said.
