Pakistani rupee picks up crash mode against USD, touching record low
Islamabad, Sep 6 (IANS) The Pakistani rupee (PKR) again picked up a crash mode against the US dollar, hitting another record low, according to the country’s central bank.
The State Bank of Pakistan said the greenback traded at 307.10 PKR in the interbank market on Tuesday, reports Xinhua news agency.
The US dollar closed at the then-record low of 305.64 rupees on Monday.
On the second session of the week, the local currency depreciated by 1.46 PKR, or about 0.48 per cent, against the US dollar, official figures showed.
Talking to Xinhua, Faheem Sardar, founder of Tangent, an economics think-tank and corporate advisory, said that three main factors — supply, manipulation and speculation — are influencing the value of the rupee.
He said a lot of dollars are being sent to a neighboring country by-passing the banking channels increasing its demand in the domestic market.
Moreover, no effective monitoring from the central bank has also resulted in the manipulation of the greenback by the market forces, Sardar added.