KARACHI – Pakistani rupee plunged to another historic low of Rs285 against the US dollar as the uncertain political and economic situation continues to exert pressure on local currency.
The national currency depreciated by 6.66 percent during Thursday’s trading session in the interbank market, according to the data released by the State Bank of Pakistan. Rupee settled at 285.09 against the dollar, a decline of nearly Rs19 in the inter-bank market.
During the intra-day trading, the Pakistani rupee plunged to 284.88 against the greenback in the inter-bank market before showing a brief recovery that ended shortly.
Interbank closing #ExchangeRate for todayhttps://t.co/V7Z9UmMJ6o pic.twitter.com/Joq88JGzAM
— SBP (@StateBank_Pak) March 2, 2023
Today’s session is a second such disaster as the local currency earlier suffered a massive fall when it went from 230.89 to 255.43 in late January.
The fresh depreciation of the Pakistani rupee is part of market correction as IMF demanded to end the significant gap between the open and inter-bank markets. Reports around International Monetary Fund are also not positive and affected the sentiment of key players.
The global lender asked Islamabad to impose demands before releasing stalled funds under Extended Fund Facility (EFF).
