Dollar rate in Pakistan – 12 September 22
On Monday, the rupee lost further ground against the dollar, falling by Rs1.72 in the opening hours of interbank trade.
According to information provided by the Forex Association of Pakistan (FAP), the local currency was trading at Rs229.9 per dollar by 12 pm. This is equivalent to a 0.75 percent depreciation.
While the banks are selling it at Rs230.40. In the open market, the US dollar is being traded between Rs235 to Rs237.
Interbank closing #ExchangeRate for todayhttps://t.co/XPxvJI8TpO pic.twitter.com/gVkb2yt1ZN
— SBP (@StateBank_Pak) September 9, 2022
On Friday the Pakistani rupee fell against the US dollar to Rs228.18 in interbank trade.
Currency dealers have said the pressure on the rupee is due to a shortage of dollars in the market.
As there is a higher demand for the greenback after the government scrapped the ban imposed on the import of luxury goods.
The rise in imports, remittances and exports did not increase to the required amount, thus, causing a disruption in the supply-demand position of the dollar.
Several factors including dismal macros owing to large-scale destruction by recent floods, extremely high ratio of inflation and increasing political noise are putting adverse pressure on the rupee.
On the other side, the Pakistan State Bank (SBP) banned the export of dollars on Tuesday after they became too expensive in the open market.
The SBP has placed strict restrictions on dollar exports.
According to the decision, all exchange companies must obtain permission from the SBP before exporting dollars.
The SBP has also notified the heads of all exchange companies about the ban on dollar exports.
It is worth noting that the SBP allowed dollar exports last month in August