The Pakistani rupee continuously for the 8th day in a row against the US Dollar during intraday trade today after opening trade at 288.225 in the interbank market.
The documented open market rates for various currencies remained within the range of 292 to 296.
At the end of the day, the PKR (Pakistani Rupee) lost 60 paisas against the dollar, causing it to depreciate by 0.21 percent and close at 288.52.
Interbank closing #ExchangeRate for today https://t.co/jc1jUZCZZ3#SBPExchangeRate pic.twitter.com/uGBHBbFF5o
— SBP (@StateBank_Pak) July 25, 2023
The informal exchange rate initially docked at 298-303.
Today, the exchange rate for one dollar in Hundi was around 296-301 PKR, and some sources claimed it went as high as 305 PKR. The PKR has been consistently losing value for the past 8 days.
“Losses are in tandem with sentiments. Cash counters are dry while informal channels are beaming with business. The decline has slowed, but clocking below 290 tomorrow would be in accordance with expected research. It is possible that the currency market closes in green before the country observes Ashura at the end of this week,” a trader said.
The rupee has been losing its value steadily since January 2023, with a decline of nearly Rs. 63. Since April 2022, it has dropped even more significantly, going down by over Rs. 112 against the US dollar. Today, the Pakistani rupee (PKR) experienced a loss of 60 paisas against the dollar. This marks the 8th consecutive day of the PKR’s decline.
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