State Bank of Pakistan concerned over rising value of USD

The State Bank of Pakistan on Monday voiced its concerns over the surmounting value of US dollar against Pakistani rupee in the open market.

The bank officials held a meeting with the owners of foreign exchange companies in Karachi on Monday and ruled out any possibilities of another depreciation in the value of Pakistani rupee.

During the meeting, the bank officials told the foreign exchange companies' owners that the parity between the open market and the interbank market should not widen, adding that central bank will intervene and supply dollars to the market when needed.

The greenback surged beyond 118.00 rupees against Pakistani rupee in the open market on Monday, which forced the central bank to keep focusing on the developments.

President of Forex Association Malik Bosan said that the greenback's value was on the rise largely due to a higher demand in the open market. The increased demand has also hiked the value of euro against Pakistani rupee by 30 paisas to 143.30 rupees in the open market, he added.

Pakistan has witnessed two steep declines in the value of its national currency since December 2017 and the Pakistani rupee fell to its all-time low against U.S. dollar in March.

--IANS

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