The value of the Pakistani rupee is experiencing a continuous decline in comparison to the US dollar, affecting both the official interbank trading and the open market exchanges. On the current Wednesday, during the initial trading session, the US dollar managed to strengthen by Rs1.99 against the Pakistani rupee in the interbank market, resulting in its trading rate reaching Rs293.50. Simultaneously, in the open market, the situation is even more pronounced, as the US dollar has surpassed the significant Rs300 mark, being traded at Rs303 during the morning session.
This trend of the Pakistani rupee’s depreciation has raised concerns among financial experts, who are wary of the potential for further decline in its value. The recent history of the exchange rate is indicative of this, as just the day prior, the US dollar had closed at Rs291.51 against the rupee in the interbank market, showing an appreciation of around 1.04 percent.
The ongoing weakening of the Pakistani rupee against the US dollar holds implications for various sectors of the economy, such as imports, exports, and overall economic stability. As the value of the rupee continues to slide, it prompts discussions and evaluations of the factors contributing to this trend, and how it might impact the country’s economic outlook in the short and long term.