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Pakistani Rupee Plunges to 283 Against US Dollar, Informal Market Hits 305

The Pakistani rupee experienced a sharp decline against the US dollar, reaching 283 in the interbank market, while the informal market witnessed rates as high as 305. The currency initially fell to 284 before temporarily stabilizing around 279, but later dropped below 283 again. Open market rates ranged from 288 to 295.

By the end of the trading day, the Pakistani rupee depreciated by 1.34% to close at 283.04, losing 3.77 against the dollar. In the informal market, rates were observed at 292-294, with some reports mentioning rates as high as 305.

Although the rupee has been declining for the third consecutive day, the Export-Import Bank of China refinanced over $600 million to the State Bank of Pakistan, which will contribute to boosting the country's dwindling reserves and restoring investor confidence. Together with previous disbursements from the UAE and Saudi Arabia, these funds are expected to raise the SBP's foreign exchange reserves to approximately $9 billion.

The rupee's overall depreciation has reached nearly Rs. 58 since January 2023 and over Rs. 107 since April 2022. Today, it also weakened against major currencies, including the Saudi Riyal, UAE Dirham, Euro, Pound Sterling, Australian Dollar, and Canadian Dollar in the interbank market.

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Pakistani Rupee Plunges to 283 Against US Dollar, Informal Market Hits 305

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