Pakistani rupee loses 94 paisas against US dollar in interbank market

KARACHI – The US dollar appreciated by 94 paisas against the Pakistan rupee in the interbank market to close at Rs268.82 on Wednesday against the previous day's closing of Rs267.88.

In the opening market, the buying and selling rates of greenback were recorded at Rs270 and Rs272.70, respectively.

The local currency loses ground a day after it snapped its losing streak and appreciated by 0.65% on Monday to reach Rs267.89 against the dollar. The development came as a delegation of the International Monetary Fund (IMF) landed in Pakistan for ninth review under the $7 billion loan programme.

Interbank closing #ExchangeRate for todayhttps://t.co/dXkGah78kO pic.twitter.com/TFFEDfIqvS

— SBP (@StateBank_Pak) February 1, 2023

Earlier on Monday, the rupee plunged by Rs7 and the greenback touched all-time high of Rs272. Last week, the local currency dropped by Rs24.54 in the interbank market – the largest single-day depreciation in more than two decades.

The country of over 220 million is facing a worst economic crisis with the forex reserved held by the country’s central bank remaining at critical $3.68 billion which were not enough to cover a month's import.

IMF cuts Pakistan's GDP growth projection to 2 percent for 2023