KARACHI: For the third consecutive session, the local currency continued a downward trajectory against the US dollar. The Pakistani rupee lost Rs1.34 in the interbank market. The Forex Association of Pakistan (FAP) reported that by 12:35 PM, the dollar had soared to Rs219 after gaining 0.61 per cent in value.
Head of FAP, Malik Bostan, said that after the ban on luxury items was lifted by the government, the demand for dollars increased. He added that directive of the government to ask for declaration details of currency carried by international passengers has disturbed the supply of dollars in exchange companies.
According to Malik, exchange companies used to receive foreign currency of $15 million daily but now the amount has dropped to $5 million.
Dubai has also increased the required amount required to enter the UAE. Any Pakistani visiting the gulf state should now have 5,000 dirhams. Subsequently, the increase in demand for the dirham has affected the rate of dollar.