The value of the Pakistani rupee relative to the US dollar is once again in the news as it has fallen for five days in a row. Those who are interested in currency exchange rates have taken notice of this news. Let’s analyse what has been going on.
Decline of the Rupee
Comparing the Pakistani rupee against the US dollar has proved difficult. This indicates that the rupee has been depreciating versus the dollar in terms of exchange rates. In the interbank market today, the rupee’s opening price versus the US dollar was 299.5.
Variations Throughout the Day
The value of the rupee fluctuated a little bit during the day. It decreased to 303.2 at 12 PM, losing around 4 rupees in relation to the US dollar. Later, between 1:30 and 2:30 PM, it marginally improved to reach the 304 level. It hovered close to 302 for the remainder of the day.
Exchange rates across several markets
The exchange rates at several currency counters on the open market varied from 305 to 311. By the time trading ended, the Pakistani rupee had lost Rs. 1 and had declined by 0.33 percent, closing the day at 302 versus the US dollar.
A number of reasons have contributed to the continued drop in the value of the rupee. The interim administration recently took action to address the problem of unregistered currency traders, thinking that these sellers are a major factor in the sharp rise in the value of the US dollar on the open market.
Currency experts predict that as the rupee hunts for a more steady level, this slide will slow down. The rupee may drop to historic lows in August, maybe between 300 and 305.