Pakistani rupee plunges against US dollar in interbank trade

Published: 09:57 PM, 21 Aug, 2023
Business
Pakistani rupee plunges against US dollar in interbank trade

The Pakistani rupee resumed its downward trend against the US dollar in the interbank market on Monday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency depreciated by Rs1.35 paisas against the greenback and ended the trade at Rs297.13.

On Friday last, the Pakistan rupee had settled at 295.78, a decrease of 86 paisas.

This was local currency’s weakest closing level since May 11, and also precariously near the all-time historic low against the US dollar in the inter-bank market.

However, its fall meant the gap with open-market rates narrowed, which was earlier under scrutiny as the International Monetary Fund (IMF) had prescribed a 1.25% difference in its country report after the Stand-By Arrangement.

In the coming days, the rupee is expected to remain under pressure as foreign exchange inflows seemed to have dried up.

 

Reporter Ashraf Khan

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News Desk