Karachi (Web Desk): Pakistani rupee depreciated by Rs2.87 against US dollars on Wednesday, in the inter-bank market, loosing a winning streak of constant gains over a month.
In the inter-bank market Pakistani rupee lost its value by 1.03% during trading on third day of week, and settle at Rs.279.85 for selling and was bought for Rs.280 in market.
Earlier on Tuesday, the rupee ended its 28-session appreciation run, as the Pakistani currency depreciated by 0.07% to settle at 277.03.
Similarly in Open market, rupee saw significant decline against the US dollar, after US dollar rose by Rs3, the currency closed at 277 for selling and 274 for buying, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
The rupee saw one of the longest appreciation runs against the US dollar, which ended after 28 sessions. That development came after the State Bank of Pakistan (SBP) announced a list of “structural reforms” last month, targeting the Exchange Companies.
Meanwhile, Shabbar Zaidi, ex-chairman Federal Board of Revenue (FBR), in a post on X (formerly known as Twitter) termed the US dollar hike as ‘artificial’ and urged the authorities to take immediate action.
This price hike in $is artificial. Immediate actions. Names of all persons buying from Exchange Companies regularly & frequently to be communicated to State Bank & FBR. Exchange Company’s sale of $ to be inspected daily by State Bank staff. Intelligence agencies to be activated.— SyedShabbarZaidi (@SShabbarZaidi) October 18, 2023
Apart from SBP measures, the caretaker government also took actions against smugglers and hoarders of currency and as a result, countrywide raids were reported with dozens of illegal currency exchanges barred from running operations and foreign currency worth millions confiscated.