13 September, 2022: On the eighth consecutive working day, the Pakistani Rupee continues to fall against US dollar. In the midday interbank trading, the rupee lost its value by 1.18 PKR. As per the forex association, the domestic currency is being traded at Rs 236 to Rs 238 on Tuesday.
Yesterday, the dollar was closed at Rs229.82. In the past seven days, the Pakistani rupee has lost almost Rs 11.22 (5.13 percent) in the interbank market. On September 1, 2022, the rate of the dollar was Rs 218.60. Before today, the rupee was traded lowest at Rs239.94 on 28 July 2022.
In the month of August, a remarkable improvement was encountered in rupee value against the dollar. On August 1, 2022, the recorded rate of the rupee against the dollar was Rs218.6. However, in September, the domestic currency once again witnessed a fall in the interbank market.
The Pakistani rupee’s value is continually decreasing even after receiving $1.1 billion loan from the IMF on August 31, 2022. As per the currency experts, the local currency is under pressure due to economic losses amid flood situations and high import payment demands.
After receiving a loan from IMF, there was seen an improvement in the Pakistani rupee however, the rupee started to fall again after the government removed sanctions on the import of luxury items. It should be noted that Pakistan’s economy has witnessed a loss of $10 billion due to heavy rains and floods.