The rupee reaches a historical low of 146.25 in the open market
KARACHI: Prime Minister Imran Khan realized the free fall of the rupee in the open market after the currency reached a new intraday low of US $ 147 and closed at an all-time low of 146.25 on Wednesday.
“The government has no plan to let the rupee depreciate (more),” said a participant at a meeting chaired by Prime Minister Imran to The Express Tribune.
The governor of the State Bank of Pakistan (PAS), Dr. Reza Baqir, also attended the meeting held in Islamabad.
Currency traders reported that the rupee closed at a historical low of 146.25 to the dollar on the open market.
In the interbank market, however, the currency remained stable at Rs141.39. The rupee has remained stable at the current level in the interbank market for more than a month, according to the central bank.
With this, the differential between the value of the rupee in the interbank market and the open market has reached an impressive Rs4.90, or 3.5%
Previously, the central bank had asked foreign exchange companies to keep the rupee spread at around 1%.
A few currency traders said they were well below dollars, as potential currency sellers were reluctant to go to the exchange counters, while buyers were ready to buy dollars at higher prices.