Rupee hits one-year low against dollar – Newspaper

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Irfan Khan

KARACHI: Uncertainty continued in exchange rate markets on Thursday where buyers and sellers were found asking each other about the limit of appreciation of the US dollar, which has risen by 10.5 per cent against the rupee in the last four months touching one-year high.

Currency dealers, ex­­perts and analysts have many reasons for the steep fall in the local currency value against the US dollar, but they said there was no intervention from the State Bank of Pakistan (SBP) to stop this devaluation to bring stability.

In the interbank market the US dollar’s closing rate as provided by the SBP was about Rs167 while bankers said the price remained higher during the session.

Bankers and currency dealers were trying to understand why the rupee has been falling against the US dollar since May as the country’s foreign exchange reserves have grown rapidly with State Bank of Pakistan’s holdings soaring to an all-time…

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