KARACHI: On Wednesday, the US dollar continued to gain value against the local currency. The rupee touched a historic all-time low in the interbank market. Pakistan rupee lost Rs2.07 against the US dollar.
The dollar traded at Rs236 in the interbank and stayed between Rs237-238 in the open market. According to forex dealers, the banks are trading the foreign currency at Rs236.50.
Chairman Forex Association of Pakistan (FAP), Malik Bostan, said that to stabilise the rupee, an increase in dollar inflow would be required. He added that strict action should be taken against exporters who delay transferring the proceeds.
Finance Minister Miftah Ismail said that the rupee would bounce back in a few weeks. He added that dollar inflow would be increased in Pakistan. Miftah expressed that no one was happy with the surge in the dollar, but sometimes such measures are necessary.