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HomeBusinessCurrencyPakistani rupee drops further in interbank

Pakistani rupee drops further in interbank

On Friday, the Pakistani rupee (PKR) continued to depreciate against the US dollar, losing more than Rs12 in the interbank market. The local currency was trading at Rs268.30, up from the interbank market’s close of Rs255.43 yesterday.

Since Thursday, the dollar has increased by Rs30.41 in the interbank market as exchange firms dropped the dollar cap, which was a crucial requirement of the IMF as part of a bailout programme agreed with in 2018.

In the open market, the Pakistani rupee decreased by Rs3 to Rs265 against the US dollar.

The lifting of the dollar rate cap surprised the currency market and caused a great deal of volatility. It was referred to as a “much-awaited modification” by experts, who forecast that it would increase export revenues and inbound remittances through legitimate banking channels.


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The price cap removal-related rate differential between the interbank and open markets, which had grown to Rs15 in recent months, was virtually completely eliminated.

The country’s foreign exchange reserves have depleted to a critical level, falling to $3.678 billion in the week ending January 20. This is not enough to finance even three weeks of imports.

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