On the first working day of the week, the US dollar continued its upward surge against the Pakistani rupee in the inter-bank market, trading at 287, causing the rupee to shed Rs0.19 during intra-day trading.
Last week was particularly challenging for the embattled rupee as it faced consecutive losses against the greenback, ultimately settling at 286.81 on Friday.
Money market experts attribute the rupee’s downward trajectory to a knee-jerk reaction following the government’s decision to lift several import restrictions under IMF demands. This development has placed significant pressure on the rupee, impacting its value in the currency exchange market.
Analysts predict that the rupee is likely to experience gradual depreciation as the backlog created due to import curbs has now been cleared. This situation is expected to further impact the rupee’s performance against the US dollar in the coming days.
The continuous gain of the US dollar against the Pakistani rupee is drawing attention to the current economic challenges facing the country. As the rupee struggles to maintain its value, investors and businesses may need to brace themselves for potential impacts on import costs and overall market stability.
CHECK: USD to PKR rate today