US dollar delivers another heavy blow to Pakistani rupeeBreaking

March 01, 2023

The US dollar delivered another hard punch to the Pakistani rupee in the interbank trading on Wednesday, going up by a healthy margin of Rs1.25. According to the information received from the forex dealers, the Pakistani rupee was under pressure and cleared the way for the greenback to flex its muscles by gaining Rs1.25 and was currently being traded at Rs252.75.

Within two days the dollar has surged by Rs2.83 against the Pakistani rupee. On Tuesday, the local currency ended its four-session gaining spree against the US dollar after the currency registered a depreciation of 0.6%. As per the State Bank of Pakistan, the rupee settled at 261.50 against the greenback, a decline of Rs1.58 in the inter-bank market. In a key development, the SBP decided to convene an emergency meeting of the Monetary Policy Committee (MPC) on Thursday, March 2, to deal with emerging risks to the economy.

Credit : Independent News Pakistan-INP