The rupee has recovered slightly against the dollar in the interbank market. The rupee has gained value by Rs 1.87 or 1 percent. On Monday it closed at Rs137.84. This is as per the State Bank of Pakistan.
A banker who wishes to remain anonymous revealed that rupee dropped against the dollar on Friday as one of the banks requested a huge payment. According to another bank official, the payment could be an oil import one or a debt repayment. Also, chances are that the dollars were procured by the State Bank of Pakistan itself to increase the foreign exchange reserves of Pakistan.
The bank official also disclosed that many players in the inter-bank market do not know about who is selling the dollar and who is buying it. Also, the reasons are unknown. Usually, the oil import payments are made during months last days.
Earlier the rupee depreciated by 5% against the dollar and reached Rs 142 in the inter-bank market. At that time it was reported that the State Bank of Pakistan allowed the rupee to depreciate further by 5%. The reason given was that the government has aligned with the International Monetary Fund (IMF) demands. But now it seems that some other bank requested a huge payment that led to rupee devaluation.