KARACHI – The Pakistani rupee resumed its record-breaking decreases against the US Dollar today after opening trade at 304.1 in the interbank market.
At noon, the currency market showed a bearish trend, with the currency dropping to 308.225 PKR after losing about 4 Pakistani Rupees against the US dollar, in line with the negative sentiment at the opening of the trading day.
Around 1:30 PM to 2:30 PM, the currency briefly rebounded to the 305 level but then remained relatively stable for the rest of the day.
Since the caretaker government took office, the US dollar has gained 16.19 PKR in value when compared to the Pakistani Rupee. In the open market, currency exchange rates were documented in the range of 309-315 PKR against the US dollar.
By the end of the day, the Pakistani Rupee managed to appreciate slightly, gaining 0.06 percent to close at 305.64 PKR after a loss of 17 paisas against the US dollar during the day.
In the unofficial or black market, the exchange rate continued to diverge from the official bank rate, trading in the range of 330-337 PKR. Currency dealers anticipate a slower decline in value until the Pakistani Rupee reaches a level where it can stabilize. It is expected that September may witness further declines, possibly reaching record lows in the range of 310-320 PKR. Traders believe that the announcement of General Elections could provide more clarity and reduce uncertainty in the market.
Notably, the Pakistani Rupee has depreciated by nearly 85 PKR since January 2023, and since April 2022, it has lost over 132 PKR against the US dollar. Based on today’s exchange rate movements, the Pakistani Rupee has lost 17 paisas against the US dollar.
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