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KARACHI: Pakistani rupee on Wednesday continued its downward momentum against the US dollar, depreciating 0.21% in the interbank market.
At close, the rupee settled at 299.64, a decrease of Rs0.63, as per the State Bank of Pakistan (SBP).
On Tuesday, the rupee fell to then record low against the US dollar, as it settled at 299.01.
Interbank closing #ExchangeRate for today https://t.co/CpkjrksqU7#SBPExchangeRate pic.twitter.com/1pHVzanqXs
— SBP (@StateBank_Pak) August 23, 2023
In the open market, the US dollar continued to hit new heights against a weakening Pakistani rupee, and was hovering at the 315 level during trading. The gap between rates in the inter-bank and open markets is required to be less than 1.25% under one of the structural benchmarks set by the International Monetary Fund (IMF).
In a key development, senior officials at the Ministry of Economic Affairs informed Business Recorder that the staff level agreement on the Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) provided a comfort level to multilaterals/bilaterals and resultantly inflows improved during the first month of current fiscal year 2023-24.
