Pakistani currency maintained its downward trend for the second consecutive working day on Monday as it depreciated by 0.6% at Rs279.26 against the US dollar in the inter-bank market.
In the open market, the rupee dropped Rs2 to Rs286 to a dollar, according to the Exchange Companies Association of Pakistan (ECAP).
Earlier on Friday, the currency dropped by a surprising 1.40%, or Rs4, to Rs284 against the US dollar in the open market, doubling the difference between exchange rates in retail and inter-bank dealings to over Rs6.
Market speculation suggested that the strengthening of the illegal Hawala and Hundi network pulled the rupee down in both currency markets. Hawala and Hundi operators were paying Rs20-22 more for a dollar, which was sold for over Rs300 in the black market.
On the other hand, gold prices further increased by Rs1,600 to Rs214,800 per tola (11.66 grams).
Published in The Express Tribune, July 18th, 2023.
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