KARACHI: On Thursday, the downward trajectory of the Pakistani rupee persisted, as it experienced a further depreciation of Rs1.09 against the US dollar within the interbank market.
Based on data provided by the State Bank of Pakistan (SBP), the closing exchange rate for the dollar stood at Rs305.54, a notable shift from the previous day’s closing rate of Rs304.45. This continued depreciation accentuated the challenges faced by the Pakistani currency in the global market.
This latest depreciation reflects a loss of 0.4 percent in the value of the rupee. This decline can be attributed to a combination of factors, including Pakistan’s decision to ease import restrictions in order to adhere to the conditions specified within a $3 billion bailout package offered by the International Monetary Fund (IMF). Additionally, the ongoing political instability within the country has also played a role in the rupee’s diminishing value on the international stage.
An analysis of recent trends reveals that the rupee has experienced a significant depreciation of 4.6 percent since the establishment of the caretaker government. Looking specifically at the month of August, the rupee’s decline has been even more pronounced, with a substantial loss of 6.2 percent within that period.