On Wednesday, the Pakistani currency extended its decline against the US dollar, experiencing a drop of over Rs3 against the greenback within the interbank market.
The rupee’s closing rate in the interbank market stood at Rs294.93, following a decrease of Rs3.42 against the US dollar.
In the previous day, the rupee concluded at Rs300 in the open market, suffering a devaluation of Rs3.02 against the US dollar and settling at Rs291.51 in the interbank market.
The depreciation of the local currency was predominantly attributed to the establishment of a caretaker government at the national level. The interim administration is anticipated to vigorously implement the International Monetary Fund (IMF) conditions tied to the $3 billion Stand-By Arrangement (SBA).
This devaluation transpired shortly after the caretaker government, led by Prime Minister Anwaar-ul-Haq Kakar, sanctioned a substantial increase in petroleum prices. This action propelled petrol and diesel costs to a historic high of 290.45 and 293.40 per liter, correspondingly.
Additionally, the ECAP General Secretary attributed the increase in the dollar value against the rupee to the presence of a grey market and a rise in terrorist incidents within the country.
Dollar rate in Pakistan, 16 August 2023
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