The Pakistani Rupee (PKR) maintained its downward trend against the US Dollar (USD) for the sixteenth consecutive session as pressure on the local currency continues to mount with increasing import bill and economic loss caused by the devastating floods across the country.
Furthermore, the delay in receiving funds from friendly countries has not helped the situation and the local currency continues to depreciate against the greenback.
According to the State Bank of Pakistan (SBP), the Pakistan Rupee (PKR) closed at Rs. 236.84 at the interbank market on 16 September 2022 (Friday), which was a depreciation of Rs. 0.96 (0.41%) compared to Thursday (15 September 2022), when the local currency closed at Rs. 235.88 against the US Dollar (USD).
In total, the Pakistani Rupee has depreciated by Rs. 18.24 from Rs. 218.60 on 1 September 2022 to Rs. 236.84 on 16 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.