USD to PKR: Pakistani rupee slides to all-time low against US dollar in interbank

Remittance inflows FY23

Karachi: The Pakistani rupee slid to a new all-time low against the US dollar in the interbank market on Thursday, the State bank of Pakistan said.

At the end of today’s session, the local currency depreciated by Rs2.53 or 0.93% against the greenback in the interbank market, the SBP said.

Thursday’s closing is the weakest level for the PKR as talks between the International Monetary Fund (IMF) and Pakistan continued in Islamabad on the third consecutive day.

The PKR’s value against the USD has started to fall again after seeing a recovery towards the end of last month.

Before two sessions of appreciation, the PKR plunged by 14.95% in the three sessions. The sudden depreciation had come after the Exchange Companies Association of Pakistan (ECAP) decided to remove the price cap on the USD.

Moreover, Pakistan’s headline inflation clocked in at 27.6% in January, showed data released by the Pakistan Bureau of Statistics (PBS) on Wednesday. This is the highest inflation reading since 27.8% recorded in May 1975.