USA / UK TIKTOK MONITIZATION ACCOUNT

 Rupee maintains its downward trend and decreases by Rs3.05 in interbank

Published by Talqeen Zubairi on September 9, 2022 and last updated 44 minutes ago 0

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The rupee, which has been falling against the dollar for almost a week, lost Rs3.05 during Friday's early interbank trade.

Data provided by the Forex Association of Pakistan (FAP) showed that on 10:56am, the PKR was going to trade at Rs228.5 per dollar, bottom 1.35 percent from yesterday's close. Shahid bin Naseer, director of zettis Global, said that the system was under pressure due to payment transactions and a demand-and-supply gap, and that quarter-end payments would keep putting strain on the system. This week, some oil payments were made. Moreover, the variation in [rates] between Due to enormous widening of both the interbank and open markets, bankers raised the dollar rates.

The State Bank of Pakistan (SBP) also must raise the rates of Roshan Digital Account (RDA) to attract dollar inflows, so according Naseer. "Remittances are slow, exporters [are] on hold, plus banks are quoting way higher bid prices to exporters," he elaborated. However, there was no panic in the interbank market today, he said. The gap between the interbank and open markets is developing, and pressure is building, according to Tresmark's Head of Research Komal Mansoor. "The momentum [of dollar inflows] has subsided because the RDA rates have not moved comparing to the US Treasury bonds," he noted.Mansoor said that according to a research study by Tresmark, 35% of analysts said they saw the USD/PKR between 226-235 by the end of the current month.Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha said exporters had been holding their payments because of the sizable discrepancies in rates between the markets. "Banks had been entrusted to fixing the dispute," Paracha said.

The market had "never ever seen smuggling on this scale," so according Paracha, who really faulted smuggling for the reduction in the value of both the rupee. The pound wasHe said that capital flows from partner nations, which were presumed after the International Monetary Fund's deposit, hadn't yet been received. He also said that nations were not sending funds for flood relief efforts because of political uncertainty. The Includes clinical secretary - general warned that the circumstance may get worse over in the near future and requested that the government to revisit its trade policies with Afghanistan and Iran.over the past 52 weeks.