The Pakistani rupee remained stable against the mighty US dollar in the interbank market on Monday amid zero signs of any moves to arrest slide in its value, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency depreciated by 17 paisas against the greenback and ended the day at Rs305.64.
Interbank closing #ExchangeRate for todayhttps://t.co/JEYlmLEvLb#SBPExchangeRate pic.twitter.com/zB8KyaKm9L
— SBP (@StateBank_Pak) September 4, 2023
On Friday last, the Pakistani rupee had managed to close at Rs305.47, seven paisas up against the US dollar in the interbank market.
Interbank closing #ExchangeRate for todayhttps://t.co/fzRDGzwWP5#SBPExchangeRate pic.twitter.com/nDnCTwLYD4
— SBP (@StateBank_Pak) September 1, 2023
Experts identified a number of factors leading to the renewed depreciation run of the local currency, including removal of import restrictions which has created pressure of import payments.
Another factor was the International Monetary Fund (IMF) condition to maintain a currency gap of around 1.25% between the interbank and open-market is driving up rates in the latter, with elements of informal market playing its part as well.
Reporter Ashraf Khan