US dollar crushes Pakistani rupee in interbank trade

Published: 09:33 PM, 24 Jul, 2023
Business
US dollar crushes Pakistani rupee in interbank trade

The Pakistani rupee continued its downward trend on Monday as the value of the local unit declined by Rs1.11 against the US dollar in the interbank trading, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the rate of the US dollar went up, gaining Rs1.11 in its value during interbank trading. The greenback ended the dat at Rs287.92.

On Friday, the last day of the previous trading week, the US dollar smashed past the Rs286 mark against the rupee and ended the day at Rs286.81, up by Rs1.66 or 0.58 percent.

https://twitter.com/StateBank_Pak/status/1682354731572920320

The Pakistani rupee has been on a losing streak since last week. The currency has witnessed a significant slump in its value, losing Rs11.46 from its value since July 13, 2023, when it was trading at Rs276.46.

Despite the fact that the country’s foreign reserves have increased to $14.07 billion after the fresh injections by the International Monetary Fund, Saudi Arabia, UAE, and China, the local unit has failed to gain confidence of the market.

The IMF, in its report released last week, warned of exceptionally high economic risks in Pakistan.

According to its report, the country has experienced stalled growth, surging inflation, a decline in international reserves to very low levels, and acute fiscal and external pressures. The Fund emphasized that consistent and decisive implementation of programme agreements was crucial to reduce risks and maintain macroeconomic stability.

 

Reporter Ashraf Khan

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