Staff Report
ISLAMABAD: The rupee continued to lose ground against the dollar on Friday, hitting yet another record low of Rs228 interbank trade as concerns remained over the exchange rate volatility and analysts called for the government and central bank’s intervention.
According to the Forex Association of Pakistan (FAP), the rupee depreciated 75 paise — a slump of 0.33pc — against the previous day’s close of Rs227.75 to reach Rs228.50 by 12:35pm.
The FAP’s closing rate of the last session was higher than the State Bank of Pakistan’s (SBP’s) closing rate of Rs266.81. By the day’s end, the greenback was at Rs228.37, depreciating 0.68 per cent from the SBP’s closing rate. Friday’s decline in the rupee’s value is in continuation of its freefall against the dollar witnessed throughout this week.
According to the SBP data, the exchange rate rose to a record high of Rs215.2 on Monday, peaked to Rs222 on Tuesday, surpassed the Rs224 mark on Wednesday and reached Rs226.81 on Thursday.
