USD to PKR Today: US dollar hits record level, rises to Rs 290.22 in Interbank

Amid the extremely violent political situation in Pakistan, the US Dollar (USD) has crushed the local currency in the Interbank Market on Wednesday, reaching an all-time record of Rs 290.22 against the Pakistani Rupee (PKR).

The Trading Session in the Interbank Market resumed earlier in the morning with the US dollar standing at Rs 284.84; however, after gaining Rs 5.38, the USD ended up at Rs 290.22.

Interbank closing #ExchangeRate for todayhttps://t.co/H7IwyLoFvE pic.twitter.com/6QNYI1tDGx

— SBP (@StateBank_Pak) May 10, 2023

Meanwhile, the Bloomberg reported that Pakistan is edging closer to a default as political unrest sparked by the arrest of the former Prime Minister Imran Khan is set to delay an International Monetary Fund (IMF) bailout.

“It looks increasingly difficult for Pakistan to avoid a default in the absence of fresh funding support coming in,” said Eng Tat Low, an emerging-market sovereign analyst at Columbia Threadneedle Investments in Singapore, as he was quoted as saying by the Bloomberg.

Foreign Currency Rates in Pakistan in the Interbank Market on May 10, 2023

US Dollar to PKR to PKR Dollar Rate in Interbank Market in last 10 days

• On May 10     – Rs 290.22
• On May 09     – Rs 284.84
• On May 08     – Rs 283.85
• On May 05     – Rs 283.59
• On May 04     – Rs 283.82
• On May 03      – Rs 283.88
• On May 02      – Rs 283.92
• On April 28     – Rs 283.84
• On April 27     – Rs 283.92
• On April 26     – Rs 283.39

Meanwhile, the Overseas Pakistani Workers’ remittances recorded an inflow of US$ 2.2 billion during April 2023.

Workers’ remittances recorded an inflow of US$2.2 billion during April 2023. For detail seehttps://t.co/rPOvn9Dr8Nhttps://t.co/7XBd4uOcHC pic.twitter.com/AzN3jQvoY5

— SBP (@StateBank_Pak) May 10, 2023