Rupee's slide against dollar halts after SBP intervention
Domestic currency closed at Rs 110.52 as against Rs 110.64 closing of Tuesday.
KARACHI (Dunya News) - Slide in rupee halted after State Bank of Pakistan intervened at the interbank market asking banks to pump dollars which forced the domestic currency to move in a narrow band.
Three-day onslaught on domestic currency halted which since Friday lost over 5 percent however; pumping from the banks on behest of the central bank forced the currency to move in small band.
Domestic currency closed at Rs 110.52 as against Rs 110.64 closing of Tuesday. The dollar showed a high of Rs 111.10 and low of Rs 110.25.
“The central bank asked some of the major banks having holding of exporters and some forward deals of importers sold their holdings which helped stem the rupee”, said a forex dealer
The slide in rupee made dents beside expectation of commodities price increase, the debt on every Pakistani has increased. Overall debt burden has been increased by Rs 427 billion, but on every Pakistani it has been increased to Rs 1785 to Rs 116308 from Rs 114,523.
The overall size of the debt has risen to Rs 22,943 billion from Rs 22,591 billion recorded on June 30, 2017.
(Story by Haris Zamir)
