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FOR THE THIRD CONSECUTIVE DAY, THE US DOLLAR REACHES A RECORD HIGH AGAINST THE RUPEE.

July 21, 2022

FOR THE THIRD CONSECUTIVE DAY, THE US DOLLAR REACHES A RECORD HIGH AGAINST THE RUPEE.

KARACHI: Following a delay in the release of a Rs1.17 billion tranche from the International Monetary Fund (IMF) despite a staff-level agreement and political uncertainty in Punjab, the Pakistani rupee on Thursday hit another low as the US dollar strengthened against the local currency, according to web desk.



Today on the interbank market, the US dollar increased by Rs1.08 to trade at Rs226. The price of the dollar ranged from Rs226 to Rs227 in the open market.

The dollar currency versus the Pakistani rupee hit an all-time high yesterday and is currently trading at Rs 225 in the interbank market. For the second day in a row, political upheaval wrecked havoc on the currency market.

Details indicate that the dollar rose quickly by Rs3.01 in the interbank market before settling at Rs 225. In the open bank market, the USD is now trading between Rs226-227.



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The current account position, news headlines, and local instability all contribute to the daily currency volatility, according to the "market-determined exchange rate mechanism," which the State Bank of Pakistan (SBP) blamed for the 11 rupee change in the exchange rate in just two days.

The SBP said that a "better measure" of the rupee's strength is the actual effective exchange rate, which takes into account the currencies in which Pakistan trades in inflation-adjusted terms. This was apparently done in an effort to downplay the decline.


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