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Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

KARACHI: The US Dollar made gain for 11^th straight day against Pakistani Rupee (PKR) to reach 236.84 at closing of interbank foreign exchange market on Friday.

The exchange rate recorded a decline of 96 paisas in rupee value to end at Rs236.84 to the dollar from previous day’s closing of Rs235.88 in the interbank foreign exchange market.

READ MORE: Rupee devaluation continues; Dollar jumps to PKR 235.88

The local currency recorded a decline of Rs18.24 or 8.34 per cent during the past 11 sessions from Rs218.60 against the dollar on September 01, 2022.

Currency experts said that mounting dollar demand for import and corporate payments was pressurizing the local currency.

Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

It is worth mentioning that the rupee recorded all-time low of Rs239.94 on July 28, 2022.

READ MORE: Pakistani Rupee declines for ninth straight session; Dollar ends at PKR 234.32

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

The rupee made some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

READ MORE: Dollar surges to PKR 233.50 in midday interbank on September 14, 2022

The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

READ MORE: PKR losing streak continues; Dollar ends Rs231.92 at interbank

September 16, 2022
Dollar rises to PKR 236.50 in midday interbank trading

KARACHI: The US dollar continued to rise on Friday and went to Pakistani Rupee (PKR) 236.50 during midday interbank foreign exchange market.

The exchange rate witnessed a decline of 62 paisas in rupee value to reach Rs236.50 to the dollar during intraday trading from previous day’s closing of Rs235.88 in the interbank foreign exchange market.

READ MORE: Rupee devaluation continues; Dollar jumps to PKR 235.88

Currency experts said that lack of dollar inflows pressurized the rupee. They said that the reports of delay or no inflows from friends of Pakistan further created panic in the currency market.

On September 15, 2022, the local currency recorded a decline of Rs16.08 or 8 per cent during the past 10 sessions from Rs218.60 against the dollar on September 01, 2022.

The experts said that mounting dollar demand for import and corporate payments was pressurizing the local currency.

READ MORE: Pakistani Rupee declines for ninth straight session; Dollar ends at PKR 234.32

Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

It is worth mentioning that the rupee recorded all-time low of Rs239.94 on July 28, 2022.

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

READ MORE: Dollar surges to PKR 233.50 in midday interbank on September 14, 2022

The rupee made some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

READ MORE: PKR losing streak continues; Dollar ends Rs231.92 at interbank

The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

September 16, 2022
Pakistani Rupee to US Dollar on September 16, 2022

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on September 16, 2022:

Buying: Rs 240.00 to the US Dollar

Selling: Rs 241.00 to the US Dollar

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to US Dollar on September 15, 2022

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Pakistani Rupee to Saudi Riyal on September 16, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on September 16, 2022:

Buying: Rs 63.90 to the Saudi Riyal

Selling: Rs 64.50 to the Saudi Riyal

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to Saudi Riyal on September 15, 2022

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Pakistani Rupee to Euro on September 16, 2022

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on September 16, 2022:

Buying: Rs 241.00 to the Euro

Selling: Rs 243.40 to the Euro

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to Euro on September 15, 2022

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Pakistani Rupee to UK Pound Sterling on September 16, 2022

KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on September 16, 2022:

Buying: Rs 280.00 to the UK Pound Sterling

Selling: Rs 282.50 to the UK Pound Sterling

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to UK Pound Sterling on September 15, 2022

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Pakistani Rupee to UAE Dirham on September 16, 2022

KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on September 16, 2022:

Buying: Rs 66.00 to the UAE Dirham

Selling: Rs 66.60 to the UAE Dirham

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to UAE Dirham on September 15, 2022

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Pakistani Rupee to Canadian Dollar on September 16, 2022

KARACHI: Following are the rates of buying and selling of one Canadian Dollar (CAD) in Pakistani Rupee (PKR) in the open market on September 16, 2022:

Buying: Rs 182.00 to the Canadian Dollar

Selling: Rs 184.00 to the Canadian Dollar

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Canadian Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to Canadian Dollar on September 15, 2022

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Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. The given rates are opening for the day. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

September 16, 2022
Rupee devaluation continues; Dollar jumps to PKR 235.88

KARACHI: The devaluation in Pakistani Rupee (PKR) continued for 10^th straight day as the US dollar ended PKR 235.88 in interbank foreign exchange market on Thursday.

The exchange rate witnessed a decline of Rs1.56 in rupee value to end at Rs235.88 to the dollar from previous day’s closing of Rs234.32 in the interbank foreign exchange market.

READ MORE: Pakistani Rupee declines for ninth straight session; Dollar ends at PKR 234.32

The local currency recorded a decline of Rs16.08 or 8 per cent during the past 10 sessions from Rs218.60 against the dollar on September 01, 2022.

Currency experts said that mounting dollar demand for import and corporate payments was pressurizing the local currency.

Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

READ MORE: Dollar surges to PKR 233.50 in midday interbank on September 14, 2022

It is worth mentioning that the rupee recorded all-time low of Rs239.94 on July 28, 2022.

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

The rupee made some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

READ MORE: PKR losing streak continues; Dollar ends Rs231.92 at interbank

The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

READ MORE: PKR falls for 7th straight day; dollar jumps to Rs229.82

September 15, 2022
Pakistani Rupee to US Dollar on September 15, 2022

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on September 15, 2022:

Buying: Rs 238.00 to the US Dollar

Selling: Rs 239.00 to the US Dollar

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to US Dollar on September 14, 2022

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Pakistani Rupee to Saudi Riyal on September 15, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on September 15, 2022:

Buying: Rs 63.00 to the Saudi Riyal

Selling: Rs 63.40 to the Saudi Riyal

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to Saudi Riyal on September 14, 2022

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Pakistani Rupee to Euro on September 15, 2022

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on September 15, 2022:

Buying: Rs 238.00 to the Euro

Selling: Rs 240.00 to the Euro

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to Euro on September 14, 2022

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Pakistani Rupee to UK Pound Sterling on September 15, 2022

KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on September 15, 2022:

Buying: Rs 276.00 to the UK Pound Sterling

Selling: Rs 278.00 to the UK Pound Sterling

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to UK Pound Sterling on September 14, 2022

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Pakistani Rupee to UAE Dirham on September 15, 2022

KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on September 15, 2022:

Buying: Rs 66.50 to the UAE Dirham

Selling: Rs 67.00 to the UAE Dirham

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to UAE Dirham on September 14, 2022

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Pakistani Rupee to Canadian Dollar on September 15, 2022

KARACHI: Following are the rates of buying and selling of one Canadian Dollar (CAD) in Pakistani Rupee (PKR) in the open market on September 15, 2022:

Buying: Rs 180.00 to the Canadian Dollar

Selling: Rs 182.00 to the Canadian Dollar

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Canadian Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to Canadian Dollar on September 14, 2022

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Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. The given rates are opening for the day. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

September 15, 2022
Pakistani Rupee declines for ninth straight session; Dollar ends at PKR 234.32

KARACHI: The Pakistani Rupee (PKR) continued its falling spree for the ninth consecutive session against the dollar as the foreign currency ended at PKR 234.32 at closing of the interbank foreign exchange market on Wednesday.

The exchange rate witnessed a decline of Rs2.41 in rupee value to end at Rs234.32 to the dollar from previous day’s closing of Rs231.92 in the interbank foreign exchange market.

READ MORE: Dollar surges to PKR 233.50 in midday interbank on September 14, 2022

The local currency recorded a decline of Rs15.72 or 7.2 per cent during the past nine sessions from Rs218.60 against the dollar on September 01, 2022.

Currency experts said that mounting dollar demand for import and corporate payments was pressurizing the local currency.

Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

It is worth mentioning that the rupee recorded all-time low of Rs239.94 on July 28, 2022.

READ MORE: PKR losing streak continues; Dollar ends Rs231.92 at interbank

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

The rupee made some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

READ MORE: PKR falls for 7th straight day; dollar jumps to Rs229.82

The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products. The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

September 14, 2022
Dollar surges to PKR 233.50 in midday interbank on September 14, 2022

KARACHI: The US dollar continued its upward journey against Pakistani Rupee (PKR) to reach Rs 233.50 during midday trading at interbank foreign exchange market.

The exchange rate witnessed a fall of Rs1.58 and being traded at Rs 233.50 agains the dollar as compared with previous day’s closing of Rs231.92 in the interbank foreign exchange market.

READ MORE: PKR losing streak continues; Dollar ends Rs231.92 at interbank

Currency experts said that mounting dollar demand for import and corporate payments was pressurizing the local currency.

Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

The rupee is falling continuously since start of the current month. The local unit yesterday closed witnessing an eight consecutive decline against the dollar. The dollar gained Rs13.32 against the rupee during the ongoing streak till September 13, 2022.

READ MORE: PKR falls for 7th straight day; dollar jumps to Rs229.82

It is worth mentioning that the rupee recorded all-time low of Rs239.94 on July 28, 2022.

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF). The local currency has recorded Rs11.22 against the foreign currency during the past seven sessions. The local unit was at Rs218.60 to the dollar on September 01, 2022.

READ MORE: Rupee weakens sixth straight day; dollar ends PKR 228.18

The rupee made some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

READ MORE: Pakistani Rupee weakens; Dollar jumps to PKR 225.42 at interbank

The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products. The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

September 14, 2022
Pakistani Rupee to US Dollar on September 14, 2022

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on September 14, 2022:

Buying: Rs 237.00 to the US Dollar

Selling: Rs 238.00 to the US Dollar

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 08:00 AM Pakistan Standard Time (PST).

The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to US Dollar on September 13, 2022

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Pakistani Rupee to Saudi Riyal on September 14, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on September 14, 2022:

Buying: Rs 63.20 to the Saudi Riyal

Selling: Rs 63.80 to the Saudi Riyal

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 08:00 AM Pakistan Standard Time (PST).

The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to Saudi Riyal on September 13, 2022

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Pakistani Rupee to Euro on September 14, 2022

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on September 14, 2022:

Buying: Rs 242.00 to the Euro

Selling: Rs 244.50 to the Euro

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 08:00 AM Pakistan Standard Time (PST).

The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to Euro on September 13, 2022

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Pakistani Rupee to UK Pound Sterling on September 14, 2022

KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on September 14, 2022:

Buying: Rs 278.00 to the UK Pound Sterling

Selling: Rs 281.00 to the UK Pound Sterling

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 08:00 AM Pakistan Standard Time (PST).

The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to UK Pound Sterling on September 13, 2022

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Pakistani Rupee to UAE Dirham on September 14, 2022

KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on September 14, 2022:

Buying: Rs 65.40 to the UAE Dirham

Selling: Rs 66.00 to the UAE Dirham

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells the foreign currency from a customer.

The rate has been updated at 08:00 AM Pakistan Standard Time (PST).

The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to UAE Dirham on September 13, 2022

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Pakistani Rupee to Canadian Dollar on September 14, 2022

KARACHI: Following are the rates of buying and selling of one Canadian Dollar (CAD) in Pakistani Rupee (PKR) in the open market on September 14, 2022:

Buying: Rs 182.00 to the Canadian Dollar

Selling: Rs 184.00 to the Canadian Dollar

The buying rate means an exchange company or a bank buys foreign currency from a customer.

The selling rate means an exchange company or a bank sells for foreign currency from a customer.

The rate has been updated at 08:00 AM Pakistan Standard Time (PST).

The Canadian Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

Pakistani Rupee to Canadian Dollar on September 13, 2022

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Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. The given rates are opening for the day. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

September 14, 2022
PKR losing streak continues; Dollar ends Rs231.92 at interbank

KARACHI: The Pakistani Rupee (PKR) Tuesday continued losing streak for eight consecutive days against the dollar, which ended at Rs231.92 in interbank foreign exchange market.

The exchange rate witnessed a decline of Rs2.10 in rupee value to end Rs231.92 against the dollar from previous day’s closing of Rs229.82 in interbank foreign exchange market.

READ MORE: PKR falls for 7th straight day; dollar jumps to Rs229.82

It is worth mentioning that the rupee recorded all-time low of Rs239.94 on July 28, 2022.

The rupee witnessed free fall against the dollar and plunged for 7th straight day against dollar a day earlier as the US dollar jumped to Rs229.82 in interbank foreign exchange market.

READ MORE: Rupee weakens sixth straight day; dollar ends PKR 228.18

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF). The local currency has recorded Rs11.22 against the foreign currency during the past seven sessions. The local unit was at Rs218.60 to the dollar on September 01, 2022.

It is worth mentioning that Pakistan received $1.1 billion from the IMF under Extended Fund Facility (EFF) on August 31, 2022 following the executive board of the IMF approved the loan program on August 29, 2022.

READ MORE: Pakistani Rupee weakens; Dollar jumps to PKR 225.42 at interbank

Currency experts said that the rupee was under immense pressure due to high import payment demand and losses to the economy due to floods.

They said that high import payments by end of this quarter and corporate payments put pressure on the rupee value.

READ MORE: Dollar strengthens to PKR 223.42 at interbank closing

The rupee made some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

The torrential rains and flash floods have inflicted a loss of $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products. The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

September 13, 2022
Dollar hits PKR 232 in midday interbank trading

KARACHI: The US dollar maintained its upward journey against the Pakistan Rupee (PKR) and hit Rs 232 in midday interbank trading on Tuesday.

The exchange rate witnessed a fall of Rs2.18 in rupee value as the dollar is being traded Rs232 from previous day’s closing of at Rs229.82 in the interbank foreign exchange market.

READ MORE: PKR falls for 7th straight day; dollar jumps to Rs229.82

It is worth mentioning that the rupee recorded all-time low of Rs239.94 on July 28, 2022.

The rupee witnessed free fall against the dollar and plunged for 7^th straight day against dollar a day earlier as the US dollar jumped to Rs229.82 in interbank foreign exchange market.

READ MORE: Rupee weakens sixth straight day; dollar ends PKR 228.18

The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF). The local currency has recorded Rs11.22 against the foreign currency during the past seven sessions. The local unit was at Rs218.60 to the dollar on September 01, 2022.

It is worth mentioning that Pakistan received $1.1 billion from the IMF under Extended Fund Facility (EFF) on August 31, 2022 following the executive board of the IMF approved the loan program on August 29, 2022.

READ MORE: Pakistani Rupee weakens; Dollar jumps to PKR 225.42 at interbank

Currency experts said that the rupee was under immense pressure due to high import payment demand and losses to the economy due to floods.

They said that high import payments by end of this quarter and corporate payments put pressure on the rupee value.

The rupee made some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

READ MORE: Dollar strengthens to PKR 223.42 at interbank closing

The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

The torrential rains and flash floods have inflicted a loss of $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products. The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

September 13, 2022