The Pakistani Rupee (PKR) has continued its downward trend against the US Dollar (USD) for the eighth consecutive session due to the economic loss caused by the devastating floods, increased import bill and the continuous political instability in the country.
According to the State Bank of Pakistan (SBP), the Pakistani Rupee (PKR) closed at Rs. 231.92 at the interbank market on 13 September 2022 (Tuesday), which was a depreciation of Rs. 2.10 (0.91%) compared to the Monday (12 September 2022), when the local currency closed at Rs. 229.82 against the US Dollar (USD).
Read more: USD to PKR – Dollar Rate in Pakistan – 13 September 2022.
In total, the Pakistani Rupee has depreciated by Rs. 13.32 from Rs. 218.60 on 1 September 2022 to Rs. 231.92 on 13 September 2022 due to the higher demand for the foreign currency in the market as the import bill continues to rise and the continuous political instability that continues to put pressure on the local currency.
According to currency experts, the Pakistani Rupee is expected to continue its depreciation against the US Dollar during this week as there is no clear strategy in place to turn around the economy and attract investors, which are being driven away as there are several doubts about the policies put in place by the coalition government.
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