Pakistani rupee loses value against US dollar in interbank market

Published: 08:23 PM, 19 Jul, 2023
Business
Pakistani rupee loses value against US dollar in interbank market

After back-to-back losses for three sessions, the Pakistani rupee on Wednesday was able to resist the pressure from the US dollar in the interbank market but towards the end it could not sustain it, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency appreciated by 79 paisas against the greenback in the morning session but at the end of the day, the ruppe lost 76 paisas and ended the day at Rs283.80.

On Tuesday, the Pakistani rupee had weakened by Rs3.78 against the dollar in the interbank market amid waning euphoria surrounding the loan agreement with the International Monetary Fund (IMF). The greenback had closed at Rs283.04, 1.34 percent higher.

Recent inflows from the Saudi Arabnia, the United Arab Emirates and the IMF had changed the sentiments during last week but the dollar’s appreciation had indicated the return of the greenback’s domination.

Experts maintained that after the loan agreement with the IMF and the commercial loans from Saudi Arabia and the UAE, the dollar rate was expected to ease, but a hype was created, of manipulation and speculation.

 

Reporter Ashraf Khan

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