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Pakistani rupee drops to record low against US dollar amid IMF talks

05:00 PM | 2 Feb, 2023
Pakistani rupee drops to record low against US dollar amid IMF talks
Source: File Photo

KARACHI – The Pakistani rupee continued to lose ground against the US dollar on Thursday as it plunged to a historic low in the interbank market as government is holding talks with the International Monetary Fund (IMF) to revive the loan programme amid depleting foreign exchange reserves.

The local currency shed Rs2.53 percent, taking the new value of the dollar to Rs271.36 as compared to the previous day’s Rs268.83.

This is the second consecutive day the rupee shed its value since Jan 31 when it snapped its losing streak and appreciated by 0.65% to reach Rs267.89 against the dollar.

Last week, the local currency dropped by Rs24.54 in the interbank market – the largest single-day depreciation in more than two decades after the government allowed free floating of the currency exchange rates.

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.

Daily Pakistan Global Web Desk

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 21 Feb 2024

Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 21 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300 303
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 76.15 76.9
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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