Constant dollars

The rupee loses 4.08 and trades at 229.50 interbank

A representative image.

KARACHI: The Pakistani rupee fell further on Friday, continuing its losing streak against the US dollar, as increased demand for the greenback coupled with the appreciation of the dollar against major currencies weighed on the local unit.

The Rupee depreciated by 4.08 and was trading at 229.50 in interbank trade during the morning hours today.

“The Rupee has been under constant pressure due to a shift in the supply and demand position of the Dollars in the market. There is higher demand for the Greenback following the removal of the ban on ‘import non-essential luxuries,’ one forex trader said. The news.

“However, inflows from exporters and remittances were not sufficient to meet this market demand,” the dealer added.

“The strengthening US currency is also putting pressure on the rupee.”

Other factors, according to a dealer, include political unpredictability, a decline in investor confidence in the economy, higher foreign exchange requirements (due to flood-related expenses, a backlog of letter of credit payments and an increase in Afghan trade) and slower inflows, led to the decline in the value of the rupee against the greenback.

The cost of flood damage and devastation across Pakistan has exceeded the disbursement of the International Monetary Fund (IMF) loan.