The Pakistani rupee after remaining under pressure from the US dollars during the last two days showed some stability on Thursday in the interbank trading amid strong demand for the greenback, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency appreciated by 43 paisas against the greenback in the opening session but ended the date almost at the same level as it was a day ago at Rs294.92, only one paisa up.
https://twitter.com/StateBank_Pak/status/1692137622171447571.
On Wednesday, the Pakistani rupee had settled at Rs294.93, registering a decline of Rs3.42.
Interbank closing #ExchangeRate for today https://t.co/IrYWbJWzwy#SBPExchangeRate pic.twitter.com/5ow2ZrPOyU
— SBP (@StateBank_Pak) August 16, 2023
This was rupee’s weakest closing since May 11 this year, when the local currency slumped near the Rs299 level.
Currency dealers were of the view that the demand for the US dollar was high but the fear was too strong that the dollar would keep increasing under the interim government.
Money dealers expressed no surprise over the exchange rate trend as it was expected since the PDM government relaxed curbs on imports under IMF pressure which could further erode the rupee’s value in a few weeks since the country’s foreign exchange reserves are not enough to meet its external obligations.
In a related development, caretaker Prime Minister Anwaar-ul-Haq Kakar has said the government will ensure continuity in economic policies, and look to improve them further.
Kakar said an increase in foreign investment under the Special Investment Facilitation Council (SIFC) would remain one of the key priorities of the interim government.
Reporter Ashraf Khan