March 26, 2023 18:19 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Karnataka scraps 4 pct quota for OBC Muslims, now divided between two categories | Congress calls for 'systematic opposition unity' after Rahul Gandhi's disqualification | 'Centre so scared': Arvind Kejriwal on Rahul Gandhi's disqualification from Lok Sabha | 'Fighting for India's voice, ready to pay any price': Rahul Gandhi on disqualification from Lok Sabha | Rahul Gandhi disqualified from Lok Sabha after court conviction over Modi surname remark
Pakistan Rupee continues its downslide Pakistani Rupee
Image: Wikimedia Commons

Pakistan Rupee continues its downslide

India Blooms News Service | @indiablooms | 30 Jan 2023, 05:56 pm

Islamabad: The Pakistani Rupee once again depreciated by another  Rs7.03, closing at Rs269.63 per dollar in the interbank market on Monday, as per data released by  the State Bank of Pakistan (SBP).

This equates to a loss of 2.61 per cent from Friday’s close of Rs262.6, reports Dawn News.

Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha attributed the rupee’s depreciation to a shortage of dollars.

“The supply of dollars has not been restarted. We do not know where the banks will get the supply from but there is no arrangement,” he was quoted as saying by Dawn News.

He was referring to the SBP deputy governor’s assurance to exchange companies’ representatives in a meeting last week that commercial banks would be directed to supply dollars to the change companies.

“There is a lot of panic in the market. If dollars are received, it will cool down a bit. As long as the market doesn’t settle, people will not sell their remittances or export proceeds,” Paracha said.