The PKR fell by Rs1.68 against the dollar during morning trade in the interbank market on Thursday, data shared by the Forex Association of Pakistan (FAP) showed.
The local currency was changing hands at Rs236 per dollar at 11:35am after depreciating 0.71 per cent. Yesterday, the PKR closed at Rs234.32 per dollar.
Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha said there was a “lot of pressure” on the rupee because friendly countries, who had promised to give money, have not done so due to which sentiments have changed.
“The smuggling of dollars and goods to and from Afghanistan and Iran is at its peak,” he said. Paracha attributed the rise in smuggling to the government’s decision to impose heavy regulatory duties on the import of non-essential and luxury items and added that it had led to pressure in the open market while dollars in the interbank market had “nearly dried up”.
