Pakistani rupee on defensive against US dollar in interbank
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The Pakistani rupee appeared to have lost steam against the US dollar despite injections of billions of dollars from the IMF and the friendly countries, and on Monday the local currency could not resist the pressure from the mighty greenback and depreciated in the interbank market, reported 24NewsHD TV channel.
According to the TV channel, the US dollar shed a few paisas in the first hour of trading on Monday but soon it hit back and soared by Rs1.67 against the Pakistani rupee.
The greenback ended the day at Rs279.26 against the local currency.
On Friday last, after three consecutive gains, the Pakistani rupee had registered losses against the US dollar, depreciating 0.41%. At close, the currency had settled at 277.59, a decrease of Rs1.13.
Interbank closing #ExchangeRate for today https://t.co/5WFYX9KIT1#SBPExchangeRate pic.twitter.com/LiGgnehK6D
— SBP (@StateBank_Pak) July 14, 2023
This state of affairs sounded incongruous as billions of dollars from Saudi Arabia, the UAE and the IMF had been flooded into the State Bank of Pakistan during the last week.
It seemed that these billions were still not enough to arrest the slide of Pakistani rupee.
Experts stressed the crucial necessity of implementing urgent reforms to rectify the country’s trajectory and set it on the right path.
They however opined that the approval of the IMF bailout package will help Pakistan because it could encourage other international financial institutions to help Islamabad overcome economic challenges.
Reporter Ashraf Khan