Rupee fall reflects market conditions: SBP

Dawn | May 17, 2019 at 6:53 AM
  • In what seemed like a repeat of similar episodes in the past, the rupee saw a steep fall against the dollar as soon as foreign exchange markets opened on Thursday morning.
  • Some importers had no choice but to purchase dollars in bulk since they had maturing payments to make, and in a few cases, according to two different treasury heads of major banks, some paid as much as Rs148.25 to buy dollars in the interbank market.
  • At the close of the day, the ECAP reported the open market rate at Rs147, almost equal to the interbank rate.