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The Forex Association of Pakistan (FAP) reports that at 11:58 a.m., the rupee was trading at Rs222.50 per US dollar on the interbank market.
The dollar has been strengthening internationally for weeks, according to Saad bin Naseer, director of Mettis Global, a financial data and analytics platform, and this trend is also being felt in Pakistan’s currency market.
He estimated that this move alone had raised demand on the open market by $5 million per day. He stated that the UAE government’s law requiring travelers from Pakistan to carry 5,000 dirhams in cash had also enhanced the demand for the greenback.
“This is the reason why the dollar costs about Rs. 10 more in the open market,” Naseer said.
According to Naseer, the recent floods had harmed the nation’s crops and plantations, forcing the government to import vegetables. This action increased demand for the dollar and tightened the trade gap with other countries.
Naseer expressed his expectation that Pakistan will soon get the $4 billion in promised assistance from friendly nations, which would aid in stabilizing the value of the rupee.
