US dollar delivers another powerful blow to Pakistani rupee
March 1, 2023 01:24 PM
The US dollar delivered another hard punch to the Pakistani rupee in the interbank trading on Wednesday, going up by a massive margin of Rs4.61, reported 24NewsHD TV channel.
According to the information received from the forex dealers, the Pakistani rupee was under pressure clearing the way for the greenback to flex its muscles by gaining Rs4.61 and ended the day at Rs266.11.
Within two days the dollar has surged by Rs6.19 against the Pakistani rupee.
On Tuesday, the local currency ended its four-session gaining spree against the US dollar after the currency registered a depreciation of 0.6%. As per the State Bank of Pakistan, the rupee settled at 261.50 against the greenback, a decline of Rs1.58 in the inter-bank market.
In a key development, the SBP decided to convene an emergency meeting of the Monetary Policy Committee (MPC) on Thursday, March 2, to deal with emerging risks to the economy.
Reporter Ashraf Khan