KARACHI – Pakistani rupee remains under pressure against the US dollar, as the local unit depreciated further in the inter-bank market on Wednesday.

State Bank of Pakistan shared the latest update, showing that the rupee depreciated by 0.16 percent in the inter-bank market.

With the latest changes, the Pakistani rupee settled at 279.88, following a drop of Rs0.45.

Interbank closing #ExchangeRate for todayhttps://t.co/s2qZyEjvOR#SBPExchangeRate pic.twitter.com/3jpzAeaRC5

— SBP (@StateBank_Pak) October 25, 2023

Dollar rate today in Pakistan

In the last session, PKR advanced faced a marginal decline and was settled at 279.43 against the greenback.

The recent rise in US dollar price is due to pressure on local currency and a surge in demand for USD.

The country’s central bank earlier hinted at an improvement in the inflows of remittances to Pakistan in the coming days.

In another development, International Monetary Fund (IMF) mission will visit Pakistan on November 2 for the first review of current $3 billion Stand-By Arrangement (SBA).

Under the Stand By Agreement, the country received $1.2 billion as the first tranche earlier this year.

Pakistani rupee moves up against dollar in inter-bank, settles at Rs284.68