KARACHI – US Dollar edged out Pakistani rupee in the interbank trading on the first day of the week.
Data shared by the State Bank of Pakistan shows that the local currency moved down by Rs1.35 as trading starts on Monday after the weekend. At the outset of intra-day trading, the rupee shows resistance against the US dollar and later slides to 297.13.
Interbank closing #ExchangeRate for today https://t.co/06ebUn3yum#SBPExchangeRate pic.twitter.com/A8hyc0EJDw
— SBP (@StateBank_Pak) August 21, 2023
The latest value of Pakistani currency is the weakest closing level in the last three months against the greenback.
In the previous sessions, PKR saw a continued depreciation of around 2.5 percent and was closed at 295.78 against the USD.
The latest blow however cuts the rupee’s gap with open-market, another demand tabled by International Monetary Fund (IMF).
Experts suggest that in the coming weeks, the Pakistani rupee is expected to remain under pressure as foreign exchange inflows seemed to have dried up while Import payments spiked.
As crisis hit nation is facing a fresh wave of inflation, financial experts said PKR will face more and more plights is likely to surpass the 300 level.
