ISLAMABAD: The Pakistani rupee witnessed a slight downward trajectory against the US dollar for the third consecutive session in the interbank market and depreciated 0.13% or Rs0.37 on Tuesday and settled at Rs286.56 against the previous day’s closure of Rs286.19.
Interbank closing #ExchangeRate for todayhttps://t.co/AQSIQoQx99#SBPExchangeRate pic.twitter.com/enDfxpQlXB
— SBP (@StateBank_Pak) June 6, 2023
In the open market, the greenback continued to witnesss high trajectory with the dollar being sold at Rs300. On Tuesday, the rupee recorded gains of Rs5 in the open market against the previous day’s tarde of 302-307. The day before yesterday, the local currency traded in the range of Rs 305-310 in the open market.
Dealers faced the short supply dollars in the open market.
Meanwhile, Euro was being sold at Rs324, British Pound to at Rs380, Saudi Riyal at Rs 81 and Emirates Dirham at Rs84.
Economic experts believe the value of the local currency against the greenback would depend on the upcoming budget and Pakistan’s pending deal with the IMF.
In a report, Bloomberg maintained that Pakistan was hopeful of inking the agreement with IMF on Friday.
If Pakistan manages to strike a deal and unlock the $1.1 billion tranche pending since November, it would help strengthen the local currency and create hopes for the 10th review and future arrangements with IMF.
