The US dollar edged closer to another historic high versus the Pakistani rupee in interbank trading on Wednesday.
According to forex dealers, the greenback was currently trading at Rs239.24, only a few paisas shy of a record level.
On July 28, the US dollar reached Rs240 per Pakistani rupee.
The US dollar gained Rs1 versus the Pakistani rupee on Tuesday, closing the day at Rs238.91 in interbank trading.
The dollar has a firm grasp on the currency rate, and the grip is tightening with each passing day as Pakistan’s foreign exchange reserves dwindle and imports rise.
The US dollar flight continues, and federal government officials have charged the FIA with controlling it, and it has been determined to initiate a crackdown on hoarders and hundi traffickers.
According to reports, banks have boosted their purchases of US money and are sending it abroad via credit cards.
Earlier, on Sunday, International Monetary Fund (IMF) Resident Representative to Pakistan Esther Perez Ruiz expressed heartfelt condolences for the devastation caused by the flood in Pakistan.
“The IMF would provide assistance to Pakistan for the repair and rehabilitation of flood-affected areas and individuals,” an IMF official noted.
In addition, Saudi Arabia has moved the return of $3 billion to Pakistan by one year. According to the State Bank of Pakistan (SBP), the Saudi Fund for Development has confirmed a 3 billion dollar rollover.
