KARACHI – Pakistani rupee continues fall down for the seventh successive session against the US dollar.
According to data from the State Bank of Pakistan, the troubled rupee declined by Rs1.11 and ended at 287.92 on Monday.
The rupee was expected to recover after the IMF Stand-by Agreement, but instead, it fell by Rs11.46 against the US dollar, reducing its value by 4 percent.
Interbank closing #ExchangeRate for today https://t.co/ppkjgCQUMw#SBPExchangeRate pic.twitter.com/9DDXUywkIe
— SBP (@StateBank_Pak) July 24, 2023
On Monday, the value of the rupee dropped for the seventh time, mainly because the expected deal with the International Monetary Fund (IMF) did not materialize. This decline in value is also affecting the difference between the rates in the inter-bank market and the open market.
The experts identified that removing import restrictions is the main cause of the rupee’s pressure.
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