Wednesday, September 27, 2023

US Dollar Reaches Historic High Against Pakistani Rupees in Interbank

On Tuesday, the US dollar reached between a record high of PKR 300-307 in the interbank market during intraday trading. This marks a significant drop in the value of the Pakistani rupee.

During intraday trading, the rupee’s value declined by 61 paisas, going from PKR 305.64 to PKR 306.21 against the dollar compared to the previous day’s closing rate.

Several factors are responsible for this sharp decline in the rupee’s value, including a higher demand for making payments for imports and uncertainty in Pakistan’s external payment situation.

Currency experts point to the increased need for paying for imports as a major reason behind the rupee’s depreciation. The combination of this uncertain external payment situation and increased import activity has put pressure on the exchange rate.

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