The Pakistani rupee lost value compared to the US dollar on Monday. It became 1.35 rupees weaker, settling at 297.13 rupees per dollar in the interbank session. This is higher than the previous closing rate of 295.78 rupees per dollar.
In the open market, exchange companies were buying the dollar at 303 rupees and selling it at 306 rupees.
The Pakistani currency is facing a lot of pressure due to uncertainty about the upcoming general elections, which is causing problems in the local markets. Also, the removal of restrictions on import permits has increased the demand for dollars.
Importers in Pakistan are having a hard time getting the permits they need for importing materials because there’s not enough dollars available. This has caused goods to get stuck in ports. The government is limiting the demand for dollars to protect the country’s foreign exchange reserves.
Compared to other major currencies, the Pakistani rupee lost value against the Euro, British Pound, Swiss Franc, Japanese Yen, and Chinese Yuan. On the other hand, it gained value against the Saudi Riyal and U.A.E Dirham.
During the current financial year, the Pakistani rupee has become 11.14 rupees weaker against the US dollar, which is about a 3.75% decrease. And just this year, it has lost 70.7 rupees or about 23.79%.
In the Money Market, the benchmark 6-Month Karachi Interbank Bid and Offer rates increased slightly to 22.93% and 23.18%.
