Pakistani rupee strong comeback against US dollar in interbank

KARACHI – US Dollar makes a comeback against the rupee and the local currency suffered marginal losses in the interbank market on Monday.

According to data provided by the State Bank of Pakistan, the Pakistani rupee experienced a slight decrease against the US dollar, with a decline of 0.07 percent.

Rupee remained under pressure on Monday, and settled at 286.64, with a decline of Rs0.19.

Interbank closing #ExchangeRate for today https://t.co/vrlpFx7L4w#SBPExchangeRate pic.twitter.com/ZSBOOmwAhu

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— SBP (@StateBank_Pak) July 31, 2023

During the previous week, the Pakistani Rupee (PKR) maintained its superiority over the currency Rupee. However, at one point, the Rupee experienced a decline, reaching near the 289 level, before eventually recovering and witnessing several periods of growth.

Last week, PKR remained dominEarlier, the State Bank of Pakistan have nod to Exchange Companies (ECs) to import dollars in cash against the value of their export consignments via reputed cargo or security firms.nt against rupee, but the currency rupee faced a fall close to the 289 level before gaining momentum with multiple gains.

Financial experts predict that the PKR’s decline will initially react strongly as import restrictions are lifted to comply with the IMF’s agenda. However, they also expect the local currency to recover gradually as the backlog caused by import curbs is being resolved.

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