After beginning trading at 304 in the interbank market, the Pakistani rupee was able to stop its neck-breaking decline versus the US dollar today.
In line with opening-bell bears, it was bearish at 12 PM, dropping as low as 307,925 after losing Rs. 4 versus the dollar.
Later, between 1:30 and 2:30 PM, it returned to the 305 level before anchoring trends for the rest of the day.
The USD has increased by Rs. 16.02 versus the PKR since the caretaker government took office.
Open market rates (recorded) at various currency counters ranged from 308 to 314 dollars.
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The PKR increased seven paisas against the dollar Wednesday, rising 0.02 percent to settle at 305.47.
The black market rate, which trades in the 325–331 range, has also gotten further away from the bank rate. Currency traders anticipate slower slippages until the PKR reaches a level it feels comfortable forming resistance at. If macroeconomic conditions don’t change, September may witness a number of record lows of between 310 and 320, continuing the downward trend from August.
Relevantly, since January 2023, the currency has lost about Rs. 85. In terms of the dollar, it has lost more than 132 rupees since April 2022. The PKR has increased seven paisas against the dollar based on today’s exchange rate moves.
The rapid depreciation of the Pakistani rupee so far in 2023 is due to a combination of early import tariff reductions, weakening exports, and home remittances being diverted to hawala, which in turn fuels smugglers’ and informal/under-invoiced traders’ high demand for US dollars.
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This decline in the exchange rate is described by the Pakistan Business Council as the ideal storm for Pakistan’s economy.
According to a merchant who spoke with ProPakistani, weekly gradual withdrawals from SBP reserves demonstrate the state’s diminishing level of documented dollar volume since hawala has enticed both buyers and sellers to exchange/transfer their money for greater rewards. The black rate, which was above 330 at the day’s high on Friday, reveals that the bank/free rate differential has widened by Rs. 26, defeating the regulator’s goal of levelling the rupee/$ for all channels.
On the interbank market today, the PKR was in the green relative to the majority of the other major currencies. It increased in value versus the Australian Dollar (AUD), Saudi Riyal (SAR), UAE Dirham (AED), and British Pound (GBP) by one paisa each, two paisas, and 54 paisas, respectively.
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