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US dollar hits Pakistani rupee hard

The US dollar has continually been the most potent currency in the world, and it has completely dominated the money market in Pakistan.The US dollar only gained 12 paisas during Tuesday’s intrabank trading, but that gain was enough to push it over the historic threshold of Rs 230.

The American dollar appreciated against the Pakistani rupee by Rs1.51 during interbank trading on Monday, reaching Rs229.88. The dollar rate increased high to Rs 232 during interbank trading before falling and settling at Rs 229.88. SBP Governor Dr. Murtaza Syed said that Pakistan had accomplished the crucial milestone of the staff-level agreement with the IMF and that the loan programme is moving along as scheduled in an exclusive SBP podcast.

Additionally, according to SBP Deputy Governor Dr. Inayat Hussain, the rupee has lost 18 percent of its value since December 21 and 12 percent of that loss is attributable to a rising US dollar globally. This information was revealed in an exclusive interview with SBP Podcast. Domestic issues are also at play. He went on to say that the disparity between supply and demand should soon narrow.