KARACHI – The Pakistani rupee remained under pressure on Monday, depreciating by Rs1.34 against the US dollar in the interbank market.
According to the Forex Association of Pakistan, the local currency was changing hands at Rs222 per dollar at 11:45am, down 0.6 per cent.
People believed that the destruction of crops would lead to a higher current account deficit since Pakistan would have to import wheat.
The United States dollar surged to a 20-year high against a basket of currencies today after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation.
Meanwhile, Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha said the rupee’s depreciation was contradictory to market expectations.
He also said that the destruction of crops would lead to a higher import bill, and in turn, a higher current account deficit.
“We have not received good news from the IMF yet. The agreements with friendly countries are all linked to the IMF,” he noted, adding that sentiments had soured because of the political tension between the federal and provincial governments in light of Jhagra’s letter.
Paracha also attributed the rupee’s fall to the smuggling of the greenback to Afghanistan, which he said had caused a shortage in the markets.
fter reaching a record low of Rs239.94 against the dollar on July 28, the local currency had recovered to Rs213.90 in the interbank by August 16. However, it has since continued to fall, losing Rs8.1 till Aug 26 (Friday).
Pakistani currency saw minor adjustment against global currencies on April 17, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.
Euro comes down to 293.15 for buying and 296.1 for selling while British Pound stands at 344.25 for buying, and 347.6 for selling.
UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 277.4 | 280.4 |
Euro | EUR | 293.15 | 296.1 |
UK Pound Sterling | GBP | 344.25 | 347.6 |
U.A.E Dirham | AED | 75.45 | 76.2 |
Saudi Riyal | SAR | 73.3 | 74.05 |
Australian Dollar | AUD | 181 | 182.5 |
Bahrain Dinar | BHD | 739.38 | 747.38 |
Canadian Dollar | CAD | 201 | 203 |
China Yuan | CNY | 38.45 | 38.85 |
Danish Krone | DKK | 40.45 | 40.85 |
Hong Kong Dollar | HKD | 35.57 | 35.92 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 902.26 | 911.26 |
Malaysian Ringgit | MYR | 58.24 | 58.84 |
New Zealand Dollar | NZD | 164.75 | 166.75 |
Norwegians Krone | NOK | 25.38 | 25.68 |
Omani Riyal | OMR | 722.1 | 730.1 |
Qatari Riyal | QAR | 76.37 | 77.07 |
Singapore Dollar | SGD | 204.5 | 206.5 |
Swedish Korona | SEK | 25.72 | 26.02 |
Swiss Franc | CHF | 307.11 | 309.61 |
Thai Bhat | THB | 7.61 | 7.76 |
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