US dollar climbs to new record high against Pakistani rupee

The Pakistani rupee’s pathetic run against the US dollar seemed not ending as the greenback soared to another historic high in interbank trading on Monday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the Pakistani rupee depreciated by another rupee against the US dollar and ended the day at another historic low of Rs302.

Interbank closing #ExchangeRate for todayhttps://t.co/WpF9PYlRM9#SBPExchangeRate pic.twitter.com/hOkqhsgiiG

— SBP (@StateBank_Pak) August 28, 2023

On Friday last also, the Pakistani rupee had hit a new record low against the US dollar, as it settled at RS301 in the interbank market. At close, the rupee had settled at Rs301 after a decrease of 78 paisas or 0.26%.

Interbank closing #ExchangeRate for todayhttps://t.co/xCR6VJ7vBa#SBPExchangeRate pic.twitter.com/1fBMOrsMOs

— SBP (@StateBank_Pak) August 25, 2023

In a key development, Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz had stressed the need for early operationalization of the EXIM Bank for enhancing Pakistan’s exports. The enhancement of exports is critical as Pakistan struggles with low foreign exchange reserves.

The central-bank held foreign exchange reserves decreased by $125 million on a weekly basis, clocking in at $7.93 billion as of August 18, on account of debt repayments, data released on Thursday last showed.

Total liquid foreign #reserves held by the country stood at US$ 13.25 billion as of August 18, 2023.
For details https://t.co/WpSgomnKT3#SBPReserves pic.twitter.com/UG8Mqx9X7c

— SBP (@StateBank_Pak) August 24, 2023

 

Reporter Ashraf Khan