Rupee reaches Rs231.92 against US dollar in interbank

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rupee US dollar

Islamabad: The unhindered fall of the Pakistani rupee continued on Tuesday as well, as it further lost Rs2.10 against the US dollar in the interbank market.

At the end of the session, the local currency depreciated by 0.91% to close at Rs231.92 against the greenback.

The relentless fall of the rupee has been going on for eight consecutive sessions.

The fall continues despite receiving $1.16 billion from the IMF.

Many analysts attribute the fall to expectations that Pakistan’s import bill would increase in the wake of devastating floods that have destroyed a considerable portion of crops, as well as the dollar’s global strength. However, many analysts also believe that other reasons are at play, including speculation and demand for foreign currency in the open market.

Remittance inflow rises 7.9% month-on-month in August FY23

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