KARACHI:
The disparity in the value of the Pakistani currency at the interbank and open markets further widened to Rs2.27 on the second consecutive working day amid political uncertainty. This fresh increase in the gap on Wednesday strengthened earlier signs of market volatility returning to the currency.
The difference stretched to 0.81% after the domestic currency maintained a downturn in open market but remained largely stable in the interbank. The gap stood at Rs1.50 some days ago, it was learnt.
Speaking to The Express Tribune, ECAP General Secretary, Zafar Paracha said, “The supply of foreign currencies has reduced at the open market as fewer people are coming to sell foreign currencies (post the general elections).”
According to ECAP, the currency dropped 0.09%, or Rs0.27 on a day-to-day basis, weakening to Rs281.59/$ in the open market. Cumulatively, the currency has dropped 0.14%, or Rs0.40 in the past two days in the retail market. In the interbank market, the domestic currency ticked down Rs0.01 on a day-to-day basis, closing at Rs279.32/$.
Published in The Express Tribune, February 15th, 2024.
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