Pakistani rupee maintains position against US dollar in interbank

Published: 08:37 PM, 2 Jan, 2024
Business
Pakistani rupee maintains position against US dollar in interbank

The Pakistan rupee registered no change in its value against the US dollar in the interbank market on Tuesday, reported 24NewsHD TV channel.


According to the State Bank of Pakistan, the local currency went down only by three against the greenback and ended the day at Rs281.89.



On the last trading day on Friday, the Pakistani rupee had recorded a meagre gain of seven paisas against the US dollar, settling for the day at Rs281.86.



During the year 2023, the Pakistani rupee had overall registered a depreciation of 19.7% to R281.86. The decline came on account of economic challenges including a rising external financing gap, challenging global financial markets, and political instability.


In a key development, the International Monetary Fund (IMF) Executive Board is scheduled to consider the first review under Pakistan’s current $3 billion stand-by arrangement (SBA) on January 11, 2024.


 


Reporter Ashraf Khan

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