KARACHI: In wake of continuous depreciation in the value of Pakistani rupee, the central bank has warned exchange companies on artificial shortage of the American dollar.
State Bank of Pakistan (SBP) spokesperson Abid Qamar, while taking to media, said that the value of Pakistani currency is declining mainly due to artificial shortage of the dollar, which is a major source of concern.
However, Qamar said that the central bank is strictly monitoring the exchange rate movement in the open market. He said the central bank expressed its concerns over the falling rupee value in the open market despite that the bank has allowed exchange companies to import dollars to meet the growing demand for the greenback.
The rupee hit 104 against the US currency on Friday at the open market as dollar shortages continued. It was quoted 103.50/103.70 against the greenback. The rupee also breached its support level of 101 and closed at 102.02 versus dollar in the interbank market.
