Pakistani rupee’s upward trajectory busted as US dollar surges in interbank
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The volatile money market which witnessed Pakistani rupee’s surge for the last three trading sessions took a turn in favour of the US dollar which gained Rs1.13 in its value against the local currency in the interbank trading on Friday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the money market showed fluctuation and tilted in favour of the US currency which ended the daty at Rs277.59, sinking Pakistani rupee by Rs1.13.
Interbank closing #ExchangeRate for today https://t.co/5WFYX9KIT1#SBPExchangeRate pic.twitter.com/LiGgnehK6D
— SBP (@StateBank_Pak) July 14, 2023
Yesterday, the Pakistani rupee experienced a notable surge of Rs1.02 against the US dollar, reaching a value of Rs276.46 in the interbank foreign exchange market.
https://twitter.com/StateBank_Pak/status/1679460508930572294
The position of local unit was strengthened on the back of IMF’s approval of $3 billion Stand-By-Arrangement for Pakistan and a deposit of $2 billion loan from Saudi Arabia and $ 1 billion from the UAE into country’s central bank.
But the earlier euphoria busted today and the upward trajectory of Pakistani rupee proved short-lived.
The experts attribute today’s decline in the PKR value due to increase in demand for the US dollars. Since the government has lifted restrictions on imports, the demand for the USD has increased, appreciating its value in the market once again.
Reporter Ashraf Khan