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The Forex Association of Pakistan (FAP) released rates on Thursday that indicated the rupee had lost Rs1.78 in early trade on the interbank market.
The dollar was trading at roughly Rs225.20 at 11:26 a.m., down from yesterday’s closing rate of Rs223.42.
The dollar appreciated by Rs2 versus the rupee during the previous session as well.
According to FAP Chairman Malik Bostan, the dollar has been rising against 40 other currencies for weeks, and this trend is also being seen in Pakistan’s currency market.
Bostan noted that the open market value of the rupee was Rs8 higher, and he encouraged the government to take action to reduce this disparity.
“The government ought to employ its diplomatic channels to terminate the UAE government’s policy requiring visitors from Pakistan to bring 5,000 dirhams in cash,” he said.
He continued by saying that the pressure on the currency would be relieved and its value would be stabilized if the $4 billion that friendly nations had offered would arrive in Pakistan right now.
