KARACHI – US Dollar makes a comeback against the rupee and the local currency suffered marginal losses in the interbank market on Monday.
Data shared by the State Bank of Pakistan suggests that the rupee registered a marginal decline against the greenback as it moved down by 0.07 percent.
Rupee remained under pressure on Monday, and settled at 286.64, with a decline of Rs0.19.
Interbank closing #ExchangeRate for today https://t.co/vrlpFx7L4w#SBPExchangeRate pic.twitter.com/ZSBOOmwAhu
— SBP (@StateBank_Pak) July 31, 2023
Last week, PKR remained dominant against rupee, but the currency rupee faced a fall close to the 289 level before gaining momentum with multiple gains.
Earlier, the State Bank of Pakistan have nod to Exchange Companies (ECs) to import dollars in cash against the value of their export consignments via reputed cargo or security firms.
Financial experts claimed that the downward trajectory of PKR with a knee-jerk reaction as several import restrictions were revoked in light of IMF agenda while the local currency is likely to claw back as the backlog created due to import curbs is now being cleared.
