KARACHI : September 14,2022: US dollar took another big jump and gained Rs 2 in value term against the rupee on Wednesday .
US dollar appreciated to Rs 234 on Wednesday from Rs 232 of the last working day.
In open market , US dollar , however, remained pegged to its last day value of Rs 238.
The rupee is under pressure since the start of September . US dollar gained around 24 rupee in the last two weeks . This is major depreciation in the value of the local unit There seems no respite for the rupee as US dollar keeps upward trend on daily basis.
The free fall of the rupee is creating serious problem as its not only adding massively to the domestic debt ,but also stoking up inflation in the country.
Despite free fall of the rupee none of the federal government or State Bank of Pakistan (SBP) is taking any action to stop free fall of the rupee.
Uncertainty in the currency market has brought all types of the businesses to standstill .
The busineses are in total disarray as to how to manage things when dollar -rupee parity is so fluid .
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Even experts in currency market valuation are in total confusion . They do not know how the market trend will settle in coming days
Imran Sindhu A local currency trader , seems totally confused over market trend .
Imran Sindhu told NEWSMAN by phone the rupee is under pressure due to faulty policies of the federal government as well as indifference of SBP. He , does not see quick rebound of the rupee.