Rupee Remains Volatile As USD Crosses 211

KARACHI:

The Pakistani rupee remained highly volatile as it plunged to a record low of over Rs211 against the US dollar in the inter-bank market on Monday.

The US dollar was available at Rs211.21 at 11:03 am and had closed at Rs208.75 on Friday, according to the State Bank of Pakistan (SBP).

The latest fall in the rupee's value against the USD comes after traders resorted to panic buying on reports that some commercial banks had run out of the foreign currency.

Businessmen have urged the SBP to play its due role in controlling the free-fall of the rupee. However, the central bank seemed helpless to control the situation as it cannot supply dollars in the market to support the rupee since its own stock of dollars also stands at a depleted level.