The rupee continues to face pressure as it further weakens against the US dollar in the open market. On Tuesday, the dollar traded above Rs320 against the Pakistani rupee.
According to the Forex Association of Pakistan (FAP), the rupee reached Rs323 in the open market against the dollar, while in the interbank market, it faced added pressure and lost an additional 70 paise against the greenback, trading at Rs302.70 by the afternoon. However, by the end of the day, it had recovered slightly and was valued at Rs302 to the dollar, as per data from the State Bank of Pakistan.
Khurram Schehzad, CEO of Alpha Beta Core, recommended better regulation in the open markets to discourage speculative activities that have caused the value of the dollar to rise beyond its justified level.
Stay tuned for more updates on this developing story.