Rupee extends losses vs dollar

The rupee’s struggle to remain strong could not succeed for the third consecutive session, and the dollar appreciated by 27 paise in the interbank market on Monday. The State Bank of Pakistan (SBP) reported the closing price of the dollar at Rs285.64, compared to Rs285.37 the day before, leaving market experts undecided about the future of PKR in the coming days or weeks. Currency dealers were uncertain about the current exchange rate, which appears stable with slight variations. Some market experts identified reports about the expected inflow of billions of dollars from Saudi Arabia and the United Arab Emirates as investments and said the impact of this report failed to stir currency market sentiments. Commentators and analysts showed little enthusiasm about the inflows, mainly due to prevailing political uncertainties that hurt economic growth. “We are not working at full strength, and the same is the case with most industries in the country. How is it possible to convince a foreign investor to put money in such a risky economy like Pakistan?” said Amir Aziz, an exporter of finished textile products.