Rupee falls to new low of 211.93 in interbank

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By Commerce Reporter

KARACHI: Domestic unit continued extending losses as it shed value versus greenback in interbank transaction and closed all-time high of Rs 211.93, depreciated by o,21 percent.

According to State Bank of Pakistan, domestic currency closes at an all-time low of 211.93 in interbank market. Rupee’s value has been largely attributed to country’s rising import bill, depleting foreign exchange reserves and uncertainty regarding IMF programme. In open market domestic unit was selling at Rs 215 versus dollar, currency dealers said.

Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq said that it may only recover around Rs 2-3 against greenback till end of fiscal year.

SBP rejects rumours of forex reserves drying up. Central bank rebutted rumours, saying that its liquid foreign exchange reserves of $ 8.9 billion have not dried up and are “fully usable”. SBP said that those did not include gold reserves and are “fully usable for all purposes”.