July 28, 2022 (MLN): Extending its losing streak, the Pakistani rupee (PKR) made another historic low at PKR 239 per USD at 11:35 am on Thursday trade as the currency lost around three rupees compared to the previous close of 236.02 per USD.
The local unit was quoted at 239/240.50 in the interbank market while in the open market, PKR is being traded at 239/241.5 per USD.
Zafar Paracha, President of the Exchange Companies Association of Pakistan (ECAP) is of the view that the government is intentionally kept the bullish momentum of the dollar in the interbank market intact as it may be one of the conditionalities of IMF.
In this connection, the latest report surfaced by Business Recorder saying, “Finance Minister Miftah Ismail on Wednesday said that the government interventions in the foreign exchange (forex) market cannot be made to control the rate of the dollar in light of the commitment with IMF.”
However, all other regulatory enforcement measures with the banks and currency exchange companies were being ensured, he added.
