Pakistan shuts rupee FX forwards
The local unit has suffered as importers piled into the forwards market to buy US dollars to hedge their exposures as the rupee weakened, said Saad Hashmi, manager of treasury sales at HSBC in Karachi.
The unit has been on a downward trajectory, with inflation at three-decade highs combined with rising oil costs. But in the days ahead of the ban, the rupee lost 7.2% against the US dollar and hit a record level of 73.85 last Tuesday. In the immediate aftermath, USD retreated by 2% to trade at 71
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