US dollar bulldozes Pakistani rupee in interbank trade
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The Pakistani rupee was again thrashed by the rampant US dollar during trading in interbank market on Tuesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency plunged by Rs1.46 against the greenback and ended the day at Rs307.10.
Interbank closing #ExchangeRate for todayhttps://t.co/FINffr34QO#SBPExchangeRate pic.twitter.com/lqTVJy7m1k
— SBP (@StateBank_Pak) September 5, 2023
On Monday, the Pakistani rupee recorded a marginal fall against the US dollar to settle at Rs305.64. At close, the rupee was down 17 paisas or 0.06%.
Interbank closing #ExchangeRate for todayhttps://t.co/JEYlmLEvLb#SBPExchangeRate pic.twitter.com/zB8KyaKm9L
— SBP (@StateBank_Pak) September 4, 2023
The slide in the Pakistani rupee’s value has left stakeholders baffled because despite taking all the required measures to manage the declining value of the rupee, the currency continued to weaken.
The market is now left wondering if the substantial backing of the IMF cannot bolster the rupee, who or what can. This panic is increasing pressure on the local currency, while businesses, investors and global markets are losing confidence in it. Additionally, this loss of value is intensifying the inflation predicament.
Reporter Ashraf Khan