By Shahid Iqbal
KARACHI, May 9: The oil-pegged US dollar cut the size of the rupee by another 3.5 per cent on Friday, the largest cut in a single day, pushing it down to close to Rs70.
Meanwhile, the State Bank stopped exchange companies from taking the UK pound, euro and UAE dirham out of the country. It also asked commercial banks to sell the dollar in the inter-bank in the second session of the market.
“The steps helped the rupee to recover sharply against the dollar to Rs66, but the recovery was short-lived and the rupee again started sliding,” said currency dealers.
They said that before the State Bank intervened, the dollar had touched Rs69.45 and it was in demand at this rate. “Some importers have succeeded in booking the dollar at Rs68 for Monday,” they said.
Both importers and exporters fear trading will be badly hit by a sharp devaluation of the rupee against the dollar -- 13 per cent since January. [Read more]
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