KARACHI: On Thursday, the dollar gained a record Rs4.48 in value against the local currency and surged to Rs240.5 in the interbank market. The Forex Association of Pakistan (FAP) reported that yesterday, by 12:03 pm, the dollar stood at Rs236.02 but gained 1.89 per cent value today.
According to the General-Secretary of Exchange Companies Association of Pakistan Zafar Paracha, the current political situation and lack of action from the government have added to the devaluation of the rupee.
Paracha further said that the authorities were not taking practical steps to control the situation. He suggested that overseas Pakistanis and exchange companies should be incentivised. He also said that imports should be linked to exports, and expenditures had to be reduced.