Pakistani rupee remains under pressure from USD

By Xinhua News Agency On Mar 9, 2023

ISLAMABAD, March 9– The Pakistani rupee continues to get significant pressure from the U.S. dollar as the greenback was traded at 282.3 rupees in the interbank market on Thursday, according to the State Bank of Pakistan. The U.S. dollar closed at 279.12 rupees on Wednesday. Malik Bostan, head of the Forex Association of Pakistan, told Xinhua that the rupee, like many…

ISLAMABAD, March 9 (Xinhua) — The Pakistani rupee continues to get significant pressure from the U.S. dollar as the greenback was traded at 282.3 rupees in the interbank market on Thursday, according to the State Bank of Pakistan.

The U.S. dollar closed at 279.12 rupees on Wednesday. On Thursday, the local currency depreciated by 3.18 rupees, or 1.13 percent, against the U.S. dollar, official figures showed.

Malik Bostan, head of the Forex Association of Pakistan, told Xinhua that the rupee, like many other currencies of the world, went under pressure following the recent reports of U.S. Federal Reserve further increasing the interest rates.

Additionally, Bostan said negative sentiments in the market also prevail due to the looming uncertainty around Pakistan’s pending program with the International Monetary Fund. Enditem

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