Pakistan is currently being governed by a caretaker government that is tasked with steering the country through to a national election that should, in theory, take place by November, while grappling with searing political tension as well as historically high inflation and interest rates.
PKR plunges to all-time low against US dollar
- By Web Desk -
- Aug 23, 2023
KARACHI: The Pakistani rupee slid 0.63 per cent to a record low of Rs299.64 against the dollar in the interbank market on Wednesday, extending losses for the third session, the State Bank of Pakistan data showed.
According to the SBP, the local unit fell by Rs0.63 against the US dollar to close at Rs299.64 in interbank against yesterday’s close of Rs299.1.
Interbank closing #ExchangeRate for today https://t.co/CpkjrksqU7#SBPExchangeRate pic.twitter.com/1pHVzanqXs
— SBP (@StateBank_Pak) August 23, 2023
In the open market, the dollar was changing hands for Rs314.
The currency dealers have attributed the depreciation in the rupee due to an easing in import restrictions that has lifted demand for the USD.
Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves. The removal of those restrictions beginning in June was a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.