The Pakistani rupee on Wednesday failed to show any spine against the US dollar as it declined by 19 paisas in the opening interbank trading but towards the end it succeeded in warding off the greenback pressure, reported 24NewsHD TV channel.

As per the State Bank of Pakistan, the local unit could score a gain of 45 paisas against the US dollar and ended the day at Rs287.46 in the interbank.

https://twitter.com/StateBank_Pak/status/1689243292637261825

Yesterday, the Pakistani rupee depreciated by 48 paisas against the US dollar in the interbank session as the currency was closed at Rs287.91.

https://twitter.com/StateBank_Pak/status/1688869370356023296

The decline in the local unit could be attributed to the market’s reaction which seems to be edgy over the upcoming transition to a new interim setup.

As Prime Minister Shehbaz Sharif is all set to dissolve the National Assembly today, the money dealers and traders seem apprehensive regarding their investments.

Yesterday, the stock exchange registered a substantial decline as the benchmark KSE-100 went down by a colossal 956 points, marking one of the most substantial drops in percentage terms since January 17, 2023.

Reporter Ashraf Khan