Pakistani rupee loses ground against dollar in interbank market


ISLAMABAD – Pakistani rupee depreciated against the US dollar in the interbank market today after witnessing a slight recovery earlier this week.

Data shared by the State Bank of Pakistan (SBP) shows the local currency weakened by Rs 0.37 against the greenback and closed at Rs 283.92 against the previous day’s closing of Rs 283.55.

During interbank trading, PKR hits 283.40 but could not maintain momentum against the high-flying dollar.

On Tuesday, the rupee remained stable, and settled at 283.55 in the inter-bank market, with a meager increase of Re0.03.

All eyes are on International Monetary Fund’s (IMF) bailout funds which remained stalled as the global lender is giving Pakistan hard times.

Despite uncertainty in the market, Prime Minister Shehbaz Sharif claimed that the financial organization was on board but Islamabad has been told to follow a step-by-step guarantee fulfilled by friendly nations. He however remained optimistic that pledges from friendly nations will also be done.

Currency exchange rates in Pakistan Today – March 29, 2023