The Pakistani rupee remained under pressure and slumped to a new record low against the US dollar in the interbank market on Wednesday, extending losses for the fourth consecutive session. According to the data extracted from the forex dealers, the greenback surpassed its previous best of Rs298.93 on May 11 against the local currency and it seemed it will top the psychological barrier of Rs300 soon. The Pakistani rupee lost 49 paisas in the morning session and was currently being traded at Rs250. On Tuesday, the Pakistani rupee fell to a new record low against the US dollar as it had settled for the day at Rs299.01. Money traders opined that the demand was much higher than the supply of dollars. It’s driving the rate to historic low, they added.

There were also reports that some banks were making money by providing importers with dollars and some importers, having 50 to 100 containers in backlog, were paying up to Rs500,000 per container to banks to get dollars and get their containers released. Bankers reportedly said that up to $5 billion could be required to clear the backlog and this would be reflected in the import bill for the coming months. The import bill in July was $4.219 billion compared to $3.177 billion in June, reflecting an increase of $1.042 billion.

 
Credit: Independent News Pakistan (INP)