Karachi, May 16, 2019: Pak Rupee on Thursday further devalued against the US dollar due to free float mechanism policy as demanded by International Monetary Fund (IMF).
The value of the US dollar against the rupee touched all-time high to approximately Rs. 148 in the interbank market.
During the intraday trading the value of Pakistan rupee against US dollar was reduced to all time low to Rs 148 on Thursday in interbank market, however, later Pak Rupee showed some recovery.
The greenback’s was valued at Rs141.5 Thursday morning, but suddenly climbed over Rs 5.00 to hit a historical peak with speculations that the rupee will further slide. Bankers say the rupee is likely to fall more in coming days.
The State Bank of Pakistan (SBP) has also justified this slide of Pak Rupee to the dollar and termed it market command.
According chief spokesman State Bank the exchange rate in the interbank market closed at PKR 146.52 per US dollar on Thursday up from Wednesday’s close of PKR 141.40 per US dollar.
This movement reflects demand and supply conditions in the foreign exchange market, he added. Spokesman said that it will help in correcting market imbalances: Chief Spokesman State Bank.
Bankers said that SBP’s this statement is reflecting that Pak Rupee has devalued intentionally with the approval of government’s high officials despite that the fact that Prime Minister Imran Khan yesterday held a meeting exchange companies and asked them to avoid speculations and for fair trading of currencies.
The Prime Minister also asked for a committee to devise the new trading mechanism of currency trading in open currency market.