As the country’s economy continues its downward spiral, the Pakistani Rupee (PKR) has also plunged to a historic low against US Dollar (USD) in the interbank market on Tuesday and it is expected to fall even more in the coming days.
According to the State Bank of Pakistan (SBP), the Pakistani Rupee (PKR) closed at Rs. 299.01 at the closing of the interbank market on 22 August 2023 (Tuesday), which was a depreciation of Rs. 1.88 (0.63%) compared to Monday, when the local currency closed at Rs. 297.13 against the greenback.
Read more: USD to PKR – Dollar Rate in Pakistan Today – 22 August 2023.
Previously, the Pakistani Rupee (PKR) fell to its lowest point of Rs. 298.93 on May 11 and it was able to recover significantly. This time, the local currency is expected to trade between Rs. 295 and Rs. 305 for time being as per experts.
The devaluation of Pakistani Rupee (PKR) is the result of increased pressure on the local currency due to lifting of import restrictions coupled with the clearance of backlog for goods and services.
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