- Pakistani Rupee’s Depreciation Against US Dollar Intensifies.
- Growing Demand Exacerbates Pakistani Rupee’s Downward Trend.
- Import Backlog Contributes to Continued Pressure on Pakistani Rupee.
In recent developments, the Pakistani rupee has faced ongoing challenges as it experiences further depreciation against the US dollar in the early trading hours. By mid-morning, the local currency was observed at 297.81 against the dollar, indicating a loss of Rs0.68 in the intra-day trading session.
Just days ago, the beleaguered rupee had settled at 297.13 in the inter-bank exchange, having incurred a decline of Rs1.35. This depreciation trend was consistent both in the interbank and open market settings.
This situation has arisen due to the increased demand for foreign currency, predominantly stemming from the necessity to clear a backlog of consignments. This rise in demand has been prompted by the government’s decision to lift all import restrictions, creating heightened pressure on the already challenged rupee.
Forecasts suggest that the Pakistani rupee will likely continue to experience strain in the days to come against the US dollar. As demand for foreign currency remains substantial, the economic landscape is anticipated to remain complex, potentially impacting various sectors reliant on stable exchange rates.