The rupee continued to depreciate steeply in the interbank market on Friday, trading at Rs266.6 per dollar at 10:32am, down Rs11.17 or 4.58 per cent from yesterday’s close, according to data shared by the Exchange Companies Association of Pakistan (Ecap).
The local currency’s value declined Rs24.54 to a record low of Rs255.43 in the interbank yesterday, the largest single-day depreciation in both absolute and percentage terms since the new exchange rate system was introduced in 1999.
Separately, the PKR was changing hands at Rs265 per dollar in the open market at the same time. This equates to a depreciation of Rs3, or 1.15pc, over yesterday’s rate of Rs262.
Ecap General Secretary Zafar Paracha said that while the central bank had assured that exchange companies would be supplied dollars, they were yet to receive them.