The US dollar on Thursday continued its upward journey as the greenback appreciated by Rs1.03 against the Pakistani rupee in the interbank trading, reported 24NewsHD TV channel.
According to the forex dealers in the interbank market, the Pakistani rupee suffered a depreciation of over one rupee during the trading activity on Thursday.
The US dollar ended the day at Rs219.41.
Interbank closing #ExchangeRate for todayhttps://t.co/S1qOID9cww pic.twitter.com/w7h9GE1SlC
— SBP (@StateBank_Pak) August 25, 2022
On Wednesday, the greenback ended the day at 218.38, up by 72 paisas.
Interbank closing #ExchangeRate for todayhttps://t.co/TN9mS4PdX8 pic.twitter.com/C2vLGnHtj0
— SBP (@StateBank_Pak) August 24, 2022
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