It appears that the Pakistani rupee is poised to shatter previous records and reach an new all-time low, as the local currency continued its decline against the US dollar on Wednesday, decreasing by 1.16 per cent in the inter-bank market.
By the end of the day, the rupee settled at Rs294.93 against the US dollar, marking a decline of Rs3.42, as reported by the State Bank of Pakistan (SBP).
This represents its lowest point since May 11 of this year, when it hovered near Rs299.
Just one day prior, on Tuesday, the rupee also experienced a setback against the US dollar, concluding at Rs291.51.
During intraday trade on Friday in the interbank market, the Pakistani rupee (PKR) climbed by Rs2.11 against the US dollar for the sixth session in a row.
In the course of the day’s trading, the local currency gained Rs2.11 or 0.94 per cent versus the dollar and closed at Rs224.04, down from Thursday’s closing of Rs226.15.
Dollar to PKR rate – Friday 8 August 2022
At yesterday’s closing, the rupee marginally increased by Rs2.65 or 1.17 per cent.
Following the government’s austerity measures, which caused a sharp rise in inflation but also prevented the nation’s economy from collapsing, the rupee has been on the upswing.
On Wednesday, PKR increased by Rs9.58 against the US dollar, the local currency saw a significant gain. The biggest one-day rise since 1999, it grew by 4 per cent.
In his speech at an event at the Pakistan Stock Exchange (PSX), Finance Minister Miftah Ismail said that if the nation can manage imports, exports may be increased through a number of strategies.
After the coalition partners made unpopular decisions, Miftah stated Pakistan was “on the right track” and that the pressure on the rupee will continue to lessen in the days ahead as it strengthened against the dollar.
