US dollar gains 72 paisas in value against Pakistani rupee
August 24, 2022 12:56 PM
The US dollar sustained its upward journey on Wednesday as the greenback gained 72 paisas in value against the Pakistani rupees, reported 24NewsHD TV channel.
According to the forex dealers in the interbank market, the Pakistani rupee suffered 72-paisa depreciation during the trading activity on Wednesday.
As the business concluded, the US dollar was at Rs218.38, up 72 paisas.
https://twitter.com/StateBank_Pak/status/1562384476256313344
On Tuesday, the greenback ended the day at Rs217.66 with a one-rupee gain.
https://twitter.com/StateBank_Pak/status/1562030233859117057
The ongoing political uncertainty is another factor that keeps dragging the local currency down.
The sky-high inflation in the country, rising trade deficit, and falling foreign exchange reserves are putting extreme pressure on the local currency.
The IMF tranche which is expected to reach Pakistan by the end-month is likely to give a much-needed boost to our economy and revive confidence in the value of the Pakistani rupee.
Reporter Ashraf Khan