KARACHI: Amid little availability of US dollars owing to liberalised demand, Pakistani currency slumped 1.5%, or Rs2, in a day to a new all-time low at Rs330 against the greenback in the open market, mounting pressure on inter-bank trade. In inter-bank dealings, the rupee snapped its record-breaking downward streak after eight consecutive days of slide, stabilising at Rs307.47 against the greenback with a nominal recovery of 0.02%, or Rs0.08, according to the State Bank of Pakistan’s data released on Friday. The drop in the open market widened the gap with the inter-bank market, with the difference increasing to 7.37%, or Rs22.53, at current parity. The International Monetary Fund (IMF) has recommended that Pakistan should keep the spread at a maximum of 1.25%, slightly over Rs4. The high difference may force the inter-bank market to follow the trend prevailing in retail trade or vice versa. Forex Association of Pakistan President Malik Bostan said that growing demand for US dollars against limited supplies kept weakening the exchange rate in the open market. News Desk
