Pakistani Rupee falls further against US dollar

Pakistani Rupee falls further against US dollar

The Pakistani rupee has weakened further and lost another five paisa in the interbank on Tuesday mainly due to foreign payment demand and emergence of black market.

According to the data provided by the money dealers, the rupee receded again during today’s trading activity giving way to the American currency to go up by five paisas. The USD ended the day at Rs224.70 in the interbank.

Yesterday, the US dollar was closed at Rs224.65.

In the fiscal year 2023, Pakistan has to repay $33 billion to the external stakeholders including its Current Account Deficit of $10 billion and loan repayments of $23 billion.

However, SBP Governor Jameel Ahmad assured that the country would continue to make timely repayments while inflows were expected to increase in the second half of the current fiscal year.

The local unit is also under pressure as there is news doing the round that black market for dollars in Pakistan is thriving and the USD is selling at a 10% premium after SBP imposed restrictions to save forex reserves.