US dollar knocks down Pakistani rupee in interbank
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The US dollar on Thursday provided no breather to the Pakistani rupee and knocked it down as the trading was set into motion and until the end of the day in interbank market, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the greenback sped up to Rs282.30 adding Rs3.18 more to its value as the trading ended for the day.
Interbank closing #ExchangeRate for todayhttps://t.co/U7n2c1WNtU pic.twitter.com/89KLn6HMSJ
— SBP (@StateBank_Pak) March 9, 2023
On Wednesday, after three successive gains, the local currency reverted to its losing ways against the US dollar, depreciating by 0.45%. As per the State Bank of Pakistan (SBP), the rupee settled at 279.12 against the greenback, a decline of Rs1.25 in the inter-bank market.
Interbank closing #ExchangeRate for todayhttps://t.co/5sHQhN1xXJ pic.twitter.com/NOwSdbAV39
— SBP (@StateBank_Pak) March 8, 2023
In a key development, Pakistan’s total (domestic and external) debt stock rose to the Rs55-trillion mark at the end of January because of massive borrowing and rupee depreciation.
According to the SBP, the central government’s total debt stock recorded an increase of 15% during the first seven months of current fiscal year.
Pakistan, currently battling rising debt and its repayments, remains engaged with the International Monetary Fund (IMF) over revival of its stalled bailout programme.
Reporter Ashraf Khan