KARACHI: The Pakistani rupee on Monday hit a new low against the US dollar, depreciating 0.33% in the interbank market.
At close, the rupee was down Rs1 or 0.33%, as per the State Bank of Pakistan (SBP).
During the previous week, the rupee closed negative across all five sessions to end at a then historic low of 301 against the US dollar.
Interbank closing #ExchangeRate for todayhttps://t.co/WpF9PYlRM9#SBPExchangeRate pic.twitter.com/hOkqhsgiiG
ā SBP (@StateBank_Pak) August 28, 2023
Although the exchange rate decreased by 1.7% in relation to the US dollar, the difference between those rates and those on the open market remained above the IMF’s permitted threshold, prompting worries about a potential additional decline in the interbank market.
The pressure on the currency is being maintained by Pakistan’s rising imports as restrictions loosen and declining foreign exchange reserves with no inflows in the near future.
In a related event, the SBP asserted that because the Ministry of Commerce (MOC) is responsible for regulating imports, it is not permitted to do so.
