KARACHI – The Pakistani rupee extended its losses on Wednesday as it shed by Rs1.40 against the US dollar in interbank market.
Data shared by the State Bank of Pakistan (SBP) on X shows the local currency declined by 0.46 percent as the greenback closed at Rs304.45 as compared to yesterday’s Rs303.05 in the interbank market.
In the open market, the foreign currency strengthened by Rs1.50 to settle at Rs319.50, hitting the fresh all-time high against the rupee.
Interbank closing #ExchangeRate for todayhttps://t.co/uoyN8h2pSj#SBPExchangeRate pic.twitter.com/EQ4HHYi1S3
— SBP (@StateBank_Pak) August 30, 2023
The gap between interbank and open market rates has widened to Rs15.06 despite IMF’s condition to maintain it at 1.25%.
Earlier this week, PKR closed at a record low of 303.05 against the greenback in the inter-bank market.
Pakistani currency remained under pressure amid shrinking inflows, and amid widening current account deficit.
Experts suggest that soaring imports mount pressure on local currency as demand for the USD stood high for overseas purchases.
In the open market, the rupee shattered all previous records and hoevred over Rs322.
Following the dissolution of PDM government, Pakistani currency had lost over Rs15 against the dollar in retail dealings as former government ended all import restrictions in line with IMF demand.
