The US dollar weakened against the Pakistani Rupee (PKR) for the fourth straight session on Wednesday during intra-day trading in the inter-bank market as Pakistan’s import pressure subsided.
During Wednesday’s intraday trade, the US dollar’s value declined by Rs7.38 from Tuesday’s interbank close of Rs238.38 to Rs231.
One of the worst performing currencies in the world, the rupee, started to decline on Friday. It had previously appreciated by roughly 5% just last week and had fallen for 10 straight sessions in the latter part of July.
The Pakistan Bureau of Statistics (PBS) reports that imports decreased by 38.3% over the previous month as a result of the government banning some luxury products in an effort to reduce the dollar gap in the economy.
The rupee gained a pathetic Rs0.46 or 0.19 percent during Tuesday’s interbank trading, rising to Rs238.38 from 238.84 during the previous trading session. The open market exchange rate held steady at Rs241 during this time.