The Pakistani Rupee (PKR) plunged further on Wednesday to touch Rs 294.93 per US Dollar (USD) in the Interbank Market.
In the morning, the Interbank Market resumed the trading session with the rupee trading at Rs 291.51 against the dollar. By the end of the session, the USD reached Rs 294.93, appreciating by 1.17 percent.
Interbank closing #ExchangeRate for today https://t.co/IrYWbJWzwy#SBPExchangeRate pic.twitter.com/5ow2ZrPOyU
— SBP (@StateBank_Pak) August 16, 2023
While in the Open Market, the PKR was being traded at 301.5/ 303.5 per USD.
Dollar to PKR Today in Open Market
Currency | Buying | Selling |
| US Dollar | Rs 301.5 | Rs 303.5 |
The further decline in the value of rupee against the dollar can be attributed to the removal of restrictions on Letters of Credit (LCs), leading to an increased demand for the USD and subsequently weakened the PKR.
Additionally, due to its heavy reliance on imported oil, Pakistan is susceptible to the recent steady increase in global oil prices which also has an impact on the rupee value.
