KARACHI – Pakistani rupee continues its downward trend against the dollar and further lost ground in the interbank market on Tuesday.
Data shared by the State Bank of Pakistan suggests that the local currency witnessed losses against the greenback as it moved down by Rs0.90.
The rupee shows some resistance during the early hours of trading, and settled at 287.54, with a drop of 0.31 percent.
Interbank closing #ExchangeRate for today https://t.co/PjHweJSRTO#SBPExchangeRate pic.twitter.com/1e2I10Y4Ji
— SBP (@StateBank_Pak) August 1, 2023
On the other hand, the dollar saw a plunge of Rs1 in the open market and was traded at Rs290.
Earlier this week, the rupee remained under pressure against the US dollar and faced marginal losses.
The country’s central bank lately extend the settlement of card-based cross-border transactions through interbank for another five months.
Financial experts claimed that the downward trajectory of local currency is due to a knee-jerk reaction as the government revoked several import restrictions on IMF demands, and the pressure stays. Rupee is expected to show gradual depreciation as the backlog created due to import curbs is now cleared.
