KARACHI - Setting a new record, the dollar-rupee exchange rate further edged up to over 76 in the open market on Wednesday. Thus during the past three days Pak rupee depreciated by Rs 4 against the US dollar in the local forex markets as the SBP acts as a silent spectator.
Since Monday, the rupee started to decline freely versus the US dollar during different trading sessions in the domestic currency markets by breaching the liquid market benchmark and fundamentals.
So far, the SBP is silent on the steady depreciation of rupee against the US dollar and not taking it as an “extra ordinary†development that was taking place for the last three days.
The frequent upward trend witnessed in the dollar rupee exchange rate is a big question mark on the SBP foreign exchange regulations which had further amended immediately during July, 2008.
On the pretext of speculative and panic sentiments prevalent in the capital market, the rupee reached record low level against US dollar by closing at Rs 75 in the primary (interbank) market on Wednesday.
The profit-margin-seekers are purchasing huge amount of dollars affecting from fast moving uncertain money market behaviour.
A forex dealer told The Nation that speculations regarding rupee devaluation versus the US dollar continued to grip the foreign exchange markets where manipulators had started spreading rumours that the dollar might be touching Rs 80 by the end of this week.
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