From Zeeshan Mirza
KARACHI: The Pakistani rupee fell by Rs2.99 against the US dollar during interbank trade on Wednesday, extending its losses from the previous day.
The local currency was changing hands at Rs294.50 against the greenback at around 12:24pm, according to data from the Exchange Companies Association of Pakistan (ECAP). In the open market, the dollar was being traded for Rs303.50.
Yesterday, the rupee had closed at 291.51 against the dollar, according to State Bank of Pakistan’s (SBP) daily update.
According to Khurram Schehzad, the chief executive of financial consultancy firm Alpha Beta Core, the dollar saw the rise due to imports opening up gradually and the letters of credits (LCs) retiring.
Schehzad said that the price of oil going up in the international market could also be cited as a reason for the dollar price to spike.
Yesterday, the finance division hiked the prices of petrol and diesel to a record Rs290.45 per litre and 293.40, respectively. It had said the prices of the two key fuels were raised because petroleum prices in the international market had increased during the last fortnight.
