With the fresh fall, the rupee has now lost a cumulative 2.75% (Rs2.91) in the inter-bank market in the last two working days. Rupee shows signs of inherent weakness, dollar gains“The message is very clear that the government has allowed the downward move in the rupee,” he said. Meanwhile, State Bank of Pakistan spokesman Abid Qamar said it was not the central bank which was controlling the rupee-dollar parity, but the inter-bank market. A currency dealer, however, questioned the timing of the extra ordinary demand that is driving up the price of the dollar. Forex Association of Pakistan President Malik Bostan said the rupee closed at Rs109 to the US dollar in the open market.

Source: The Express Tribune December 11, 2017 17:37 UTC