Due to the lack of US dollars in the nation, banks are providing rates that are different from those found on the interbank market in Pakistan. Banks are charging bigger spreads than the interbank market for import and export transactions because they are unable to cover import payments.
To keep track of the new rupee rate, the financial portal has introduced a new ticker. Due to concerns that Pakistan could follow Sri Lanka into default this year due to a delay in the IMF bailout program, the country is currently experiencing a significant scarcity of dollars.
The coalition government also outlawed a number of imports, which caused a components scarcity at Toyota and Suzuki’s domestic plants, who are now planning to halt production for a number of days next month. The local currency, meanwhile, had its worst decline since 1998 last week due to deteriorating foreign financing.
