PKR sinks by 9 rupees against greenback in intraday trade

March 02, 2023 (MLN): The Pakistani rupee (PKR) continued its downward journey as the currency lost around 9 rupees against the US dollar during intraday trade compared to the previous closing of PKR 266.11 per USD. 

The local unit was quoted at PKR 275.08/278.08 [10:44 PST] with the trades being reported at 275.10 per USD while in the open market, PKR is being traded at 279/284 per USD.

According to the forex dealers, the banks are selling dollars to importers at PKR 278 per USD. 

The rupee has been facing a fresh bout of pressure due to the delay and imposition of new conditions by the International Monetary Fund (IMF).

In February, the market was stable, and the rupee had even appreciated by 2.7%. However, the delay in the IMF agreement and the higher open market rate in Afghanistan, where the rupee has been trading at Rs285-290 per dollar, has led to a decline in its value.

Experts have called for strict measures by the government against those involved in the illegal buying and selling of dollars. They have also urged the government to expedite the fulfillment of IMF's conditions to prevent further panic in the market.

The situation has caused concern among investors, as a weakening rupee could negatively impact foreign investment and further destabilize the economy.

The government must take urgent action to address the issue and ensure stability in the currency market.

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