KARACHI: On Friday, the dollar continued losing its value against the rupee, dropping even below the interbank rate suggesting ample supply of the US currency in the open market, dealers said.
The appreciation of the local currency was cited stability in the result of general elections
Forex Association of Pakistan President Malik Bostan said the dollar was traded as low as Rs126-126.50 in the open market – well below the interbank rate of Rs128. Since Monday, the dollar has lost Rs4.30.
On July 6, the SBP issued a circular restricting intercity cash movement by the exchange companies. The decision came after the enlistment of Pakistan in the Financial Action Task Force grey list in June for terror financing and money laundering.
The enlistment jolted the exchange rate with a high degree of instability that shot up dollar prices and demand in the market.