Another downfall has been registered of all time new in 3 months with Rs0.05 standing at Rs227.93 against the US dollar in the inter-bank market recently.
Pakistani ruppee fells by Re1 in the open market and get at Rs238 against dollar while it was suggested by reports that the rupee recovered in the black market.
“The rupee’s fair value is the one prevailing in the black market at Rs. 260-270 to a dollar. The government has artificially kept the currency overvalued. It should let market forces determine the exchange rate to meet an IMF’s condition,” leading analyst stated.
Open market currency dealers said, “they had maintained the exchange rate at Rs237 to a dollar for a long time despite a notable drop in the inter-bank market. The latest depreciation of Re1 in the open market was reflective of the non-stop depreciation in inter-bank.”
