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FY23 Witnesses Record Depreciation in Rupee

Karachi: In FY23, the value of the Pakistani rupee depreciates by a record amount. The current fiscal year’s 28 percent is reportedly the most rapidly dropping value ever seen. Given the current political and economic crises, the State Bank of Pakistan’s (SBP) plan doesn’t appear to be working.

The dollar was recorded at Rs 204.85 on June 30, 2022. Since then, it has risen at such a rapid rate that the rupee is unable to support the enormous value. The swift decline in foreign exchange reserves contributed to the US dollar’s strengthening against the Indian rupee.

Read More: SBP Reserves Decline For Third Straight Week

When compared to Rs298.93 on May 11, the dollar’s interbank price on June 27 reached an all-time high of Rs 285. In FY23, GDP growth was reported at 0.29 percent compared to 6.1 percent in FY22, according to a recent government research.

When talking about the most recent IMF assistance, it should be noted that the loan programme terminated on June 30 and that the government is attempting to apply for a new loan programme with Rs 215 billion in additional taxes to close the revenue gap for FY24.

Read More: Rupee Gains Further Ground Against US Dollar 2nd Day in a Row

However, one of the main causes of the weak dollar demand in the open market was the SBP’s decision to permit banks to buy dollars from interbank for overseas credit card payments. The State Bank then raised the limitation measures that were set to take effect in December 2022 on June 23.

Additionally, experts claim that despite the IMF’s best efforts, the country’s economy would continue to deteriorate as a result of declining remittances and unstable political circumstances. Additionally, the state has already seen a loss of $7.2 billion as a result of the decline in exports and remittances in the first 11 months of FY23.

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