Karachi: The State Bank of Pakistan (SBP) has decided to intervene in the open market to protect Pak rupee from continuous depreciation against the US dollar.
According to Alfalah Securities Limited, the US dollar has touched a record level of PKR 90.30 on Monday, witnessing a substantial increase of 2.76% on WoW. SBP has affirmed to provide maximum support to the exchange companies by supplying US dollars up to their demand in order to manage its appropriate supply in the open market. SBP would intervene through the National Exchange Company of National Bank and Habib Exchange Company of Habib Bank as other exchange companies were reluctant to take direct supply of US dollar from the Central bank.
SBP has also decided to supply US dollar at a rate of PKR 88.50 however, the exchange companies have refused to accept the offer and have requested to supply US dollar at PKR 89.50. The intervention of SBP would fill the gap between demand and supply of the US dollar by fulfilling the daily requirement of USD 10.0 million in the open market and would relax the prevailing depreciation of Pak Rupee against the US dollar.