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Rupee depreciates to Rs 90 against dollar
12-27-2011, 01:34 PM
Post: #1
Rupee depreciates to Rs 90 against dollar
ISLAMABAD - The pressure on Pakistani rupee is still continuing as it has now depreciated to around Rs90 to a dollar in the open market and interbank which is widening trade deficit. An official in State Bank of Pakistan (SBP) said on Monday that rupee depreciation was widening trade and account deficits. “The SBP’s decision on 21st December to attach conditions to the forward booking could help curb speculation in the currency market and check the increasing demand for dollars,” said the official. Few days ago, governor SBP had said rupee depreciation against dollar is temporary and it would stabilise in the coming days. Experts were of the view that it is important to increase inflows, including export receipts and remittances, to stabilise the local currency, besides ensuring dollar availability during repayment of IMF loan in 2012.
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