KARACHI: The Pakistani rupee lost more ground and depreciated Rs0.74 against the United States (US) dollar in the interbank currency market on the first trading day of the week.
According to foreign currency dealers, the local unit, today depreciated by Rs0.74 to Rs176.20 against the greenback. The rupee had closed at Rs175.46 against the dollar in the interbank market on Friday.
In the open market, however, the dollar traded at Rs177.30 against the rupee.
Interbank closing #ExchangeRate for today:https://t.co/pe9p5XLc4G pic.twitter.com/bm2KjaGxYz
— SBP (@StateBank_Pak) November 29, 2021
On Friday, Adviser to the Prime Minister on Finance Shaukat Tarin blamed speculators (satta mafia) for devaluation of the local currency.
Speaking to the media, Tarin said, “the real effective exchange rate of the dollar, experts say, should be around Rs165-67.”
If the greenback is trading as high as Rs176 in the interbank market, then the rupee is undervalued by almost Rs10, he added.
