ISLAMABAD: Possible shortage of dollars in the market and the ongoing deadlock with the IMF, the Pakistani Rupee remained still under pressure and is slightly but still losing ground against the US dollar.
Monday witnessed a depreciation of Rs 0.74 (0.26 %) by the local currency against the Greenback and settled at Rs 286.56 compared to its availability at Rs 285.82 on Friday, as per information by the SBP.
Interbank closing #ExchangeRate for todayhttps://t.co/TFSohJOjSt pic.twitter.com/4Nb3Dk2Kki
— SBP (@StateBank_Pak) May 22, 2023
Meanwhile, the open market has an even worst story, having fear of a shortage of dollars in the market. In the open market, the greenback hit a record high of 306 against the Pakistani rupee and settled at Rs305, having an increase of Rs 4 against Rs301 on Friday.
Pakistani Rupee Against Euro, Pound, and Other Currencies
Like the American dollar, other international currencies responded in the same manner to the local currency. The price of the Euro went up by Rs1.64 to settle at Rs 309.75 compared to Rs 308.11 the previous day.
The Japanese increased by 01 paisa and was available at Rs 2.07, while the British Pound witnessed an increase of Rs1.57 and was traded at Rs 356.33 against Rs 354.76 the previous time.
The exchange rate of the Saudi Riyal and Emirates Dirham also appreciated by 20 paisas each to close at Rs.76.41 and Rs. 78.03, respectively.
Financial experts believe the devaluation of the Pakistani rupee and appreciation of the international currencies, particularly the dollar is due to the deadlock over the agreement with the IMF and the increasing demand for the dollar ahead of the Hajj as pilgrims carry dollars or Riyal while going abroad. Meanwhile, the private banks are also reluctant to provide dollars, making the situation more challenging.
