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Tuesday, November 5, 2024

Home Pakistan Pakistani rupee hits new low against US dollar in interbank amid successive decline

Pakistani rupee hits new low against US dollar in interbank amid successive decline

by Web Desk (Lahore)
August 23, 2023
in Business, Pakistan

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KARACHI – The Pakistani rupee has lost its value by nearly one-third and the currency has become one of the worst performers worldwide.

Data shared by the State Bank of Pakistan shows that the Pakistani currency touched new low against the greenback, as it moved down by Rs0.63 in the inter-bank market on Wednesday.

At the outset of intra-day trading, PKR faced marginal blows and later settled at 299.64.

Interbank closing #ExchangeRate for today https://t.co/CpkjrksqU7 #SBPExchangeRate pic.twitter.com/1pHVzanqXs

— SBP (@StateBank_Pak) August 23, 2023

Internationally, USD moved two months high and is expected to end its losing streak.

Pakistani dollar rate today

In the interbank market, dollar moved up and is being quoted at Rs2312.

The removal of those curbs started in June this year as a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.

The country is currently being governed by an interim setup while the market is marred by political and economic turmoil.