Sunday, June 4, 2023

Pakistani Rupee on Free Fall, Crosses Rs.300 Against US Dollar

The Pakistani currency witnessed a significant decline, plummeting by 6.66% or nearly Rs19, to reach a new all-time low against the US dollar. In the interbank market, the Pakistani rupee closed at Rs285.09 against the US dollar on Thursday.

Dr. Khaqan Najeeb, former advisor to the Ministry of Finance, noted that the devaluation of the rupee aligns its value with that of the black market.

In an effort to satisfy the International Monetary Fund (IMF) by establishing a genuine market-based value for the rupee and bridging the gap between the official and black markets, the domestic currency market experienced significant turbulence throughout the day, ultimately leading to a historic event.

Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan (ECAP), previously stated that the rupee was being traded at Rs286/$ in the black market within Pakistan and Rs295/$ in Afghanistan.

This recent decline, with a drop of almost Rs19, marks the second-largest dip in the currency’s history since January 2023 when it experienced the single largest dive of Rs24.5. Additionally, it represents the sixth record-low drop in percentage terms at 6.66% within a single day, as reported by Ismail Iqbal Securities (IIS).

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