In a positive trend, the Pakistani rupee extended its winning streak against the US Dollar for the sixth consecutive day in the interbank market. The day commenced with the rupee opening at 282 against the greenback, and by 11:30 PM, it had stabilized, reaching a high of 282 after experiencing an intraday gain of approximately Rs. 1.
The interbank rate exhibited fluctuations throughout the day, oscillating between 282 and eventually settling at 283. Open market rates observed across various currency counters ranged between 282 and 284.
Closing the day on a strong note, the Pakistani rupee appreciated by 0.07 percent, concluding at 283.01 after gaining 20 paisas against the US Dollar. This marks the sixth consecutive day of the rupee closing in the green. Despite a year-to-date depreciation of 19.99 percent, on a fiscal year-to-date basis, the rupee has managed a 1.05 percent appreciation.
Over the course of the year, the rupee has experienced a significant decline of nearly Rs. 65 since January 2023, with a more substantial depreciation of over Rs. 112 against the US Dollar since April 2022. The World Bank projects a decrease in remittance flows to Pakistan, forecasting $24 billion in 2023 and a further decline below $22 billion in 2024, accompanied by a 10 percent drop.
The World Bank attributes this trend to the rupee’s depreciation, economic challenges, a balance of payment crisis, and high debt, leading to a shift of remittances from formal to informal channels.
Also, see:
Sophie Devine Loses First-Ever Super Over as Pakistan Defeat New Zealand in Third ODI
Topics #featured #trending pakistan
