The rupee continued to slide against the dollar on Wednesday, hitting another low of Rs237 in the interbank market. According to the Forex Association of Pakistan (FAP), the local currency fell Rs4.07 to Rs237 from yesterday’s close of Rs232.93 at 11:50am. FAP chairman Malik Bostan highlighted that there was a need to increase dollar inflows as it would stabilise the rupee. “The central bank should take strict measures against exporters who are not bringing back their proceeds to the country in due time,” he said. He further stated that the local currency should be used for trade with Afghanistan as it would save $2 billion in foreign exchange. Presently, Bostan continued, Pakistan’s inflows were short. “In such a situation, the transfer of $2 billion to Afghanistan [for imports] is increasing our difficulties,” he added. Komal Mansoor, head of strategy at Tresmark, told Dawn.com that the pressure on the rupee would persist as long as there was a shortage of dollars. “Exc...
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