In recent developments, the Pakistani rupee has experienced a concerning decline against the US dollar, further exacerbating its downward trajectory. During Tuesday’s opening hours, the rupee witnessed a 0.13 decrease, with dealers reporting its value at 288.05, marking a slight drop.
Interbank closing #ExchangeRate for today https://t.co/ppkjgCQUMw#SBPExchangeRate pic.twitter.com/9DDXUywkIe— SBP (@StateBank_Pak) July 24, 2023
This decline comes after a challenging period for the local currency, which had been facing consecutive losses against the greenback for over a week. Notably, the rupee’s current value hovers around the rate seen before the IMF Standby Agreement.
Experts have attributed the rupee’s woes to the government’s decision to lift several import restrictions, following IMF demands. This abrupt move has created a knee-jerk reaction, putting additional pressure on the already embattled rupee.
As we move forward, the Pakistani currency is anticipated to continue experiencing gradual depreciation. This situation is a result of the backlog that was built up due to the previously imposed import curbs, which has now been cleared.
CHECK: USD to PKR Rates Today