Karachi, August 16, 2023 – The US dollar has gained more value compared to the Pakistani Rupee today. At midday, the dollar was worth PKR 293.50 in the interbank foreign exchange market. This change happened quickly and surprised many.
Yesterday, the rupee was worth PKR 291.51 against the dollar. So, today, the rupee lost a big value of PKR 1.99 when compared to yesterday’s rate.
Experts who study money say this happened because many people needed the dollar to pay for things they want to buy from other countries. This makes the demand for the dollar go up, and when more people want something, its price usually goes up.
This is not the first time the rupee has gone down in value. On May 11, 2023, it was at its lowest, PKR 298.93. The State Bank of Pakistan (SBP), which takes care of the country’s money, made a new rule that lets banks pay for things from other countries. This rule made the rupee’s value go down even more.
Another reason for the rupee’s value going down is that the country doesn’t have as much money from other countries as before. On August 4, 2023, there was only $13.34 billion left, which is less than before. This makes some people worried that Pakistan might not have enough money to pay for things it needs from other countries.
Because of all these things happening, experts say people who use money and people who invest in businesses should be careful and know what’s happening with the value of money. The value going up and down can affect how much things cost, how much money people have, and how the country’s economy is doing.
People in Pakistan and in other countries are watching to see if the government can get more money from other places and if the value of the rupee gets better. The rupee’s value is important because it can affect many things in the country.
READ MORE: Pakistani Rupee Plunges to PKR 291.51 Against Dollar on First Day of Interim Government
