Pakistan’s deadly floods have exacerbated dollar shortage in the country, intensifying concerns over hoarding of the greenback, according to foreign exchange dealers, in what may be a risk for the rupee’s recent rise.
Dollars are not available at exchange outlets as “many branches and banks have suspended operations after being submerged,” due to floods, said Saleem Amjad, chief executive officer at Link International Exchange Co., one of Pakistan’s largest foreign exchange companies.