The interbank rate of the dollar has crossed 229 rupees for the first time in the country’s history.
Due to increasing economic challenges in the country on a daily basis, news of commercial banks opening oil import letters of credits at high cost of foreign exchange, the dollar continues to fly fast.
The dollar interbank rate rose by Rs 5.07 to hit a fresh high of Rs 229.98 on rising demand despite a lack of supply in the interbank market.
Sources say that speculators are betting in dollars by spreading negative rumors, while the State Bank of Pakistan, while explaining the factors behind the significant decline in the value of the rupee, has said that the current account under the dynamic market-based exchange rate system is open for business. The situation, related news, and internal uncertainty combine to cause the rupee to fluctuate on a daily basis.
The central bank’s position is that the dollar’s appreciation is also a result of aggressive interest rate hikes by the US Federal Reserve to control inflation.