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Friday, November 15, 2024

Home Pakistan Rupee slides further against dollar in interbank market

Rupee slides further against dollar in interbank market

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KARACHI – Pakistani rupee plunged again after a brief respite in the early hours of trading on Thursday.

Data shared by the State Bank of Pakistan shows the rupee moving down by 0.05pc in the inter-bank market.

At close, the local currency settled at 287.60, with a drop of Rs0.14.

Interbank closing #ExchangeRate for todayhttps://t.co/7FKJDynY14 #SBPExchangeRate pic.twitter.com/Eg7ggPeZMR

— SBP (@StateBank_Pak) August 10, 2023

In previous sessions, the Pakistani rupee saw little improvement against the greenback, gaining momentum.

Last month, PKR clawed back in the aftermath of the Stand-by agreement with the IMF. The interbank exchange rate of the rupee recovered by more than Rs10 and hovered around Rs 275.

The positive impact however faded soon amid high demand for dollar as the government ended all curbs on imports.