KARACHI: The Pakistani rupee remained under pressure against the US dollar on Friday and plunged to a new record low in the interbank market.
According to the State Bank of Pakistan, the local currency gained a meagre 12 paisas against the greenback as the business started but sooner it ran out of steam and lost 78 paisas and ended the day at Rs301.
On Thursday, the Pakistani rupee had plunged to a historic low against the US dollar in the interbank, ending the day at Rs300.22.
As the dollar continued to soar, analysts called for a “sound strategy” from the government to curtail the black market. They said “The government and all stakeholders need to implement a sound strategy to eliminate the black market.
They maintained that it is very difficult to find the dollar in the interbank market however it was readily available in the open market at an exorbitant rate. The State Bank of Pakistan’s policy to keep the interest rate at 23 percent was not helpful as individuals find it more lucrative to invest in the forex market.
Forex Association of Pakistan Chairperson Malik Bostan warned against hoarding dollars in the hope that its price will increase further. “Due to the increase in the dollar in the interbank market, common people are also unnecessarily buying dollars in the hope that its price will increase further,” he said.