Rupee depreciates by 3.18 against dollar in interbank market

Saman SiddiquiMarch 9, 2023

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Rupee depreciated by 3.18 against the US dollar in the interbank market on Thursday.

The local currency closed at Rs282.30/dollar in the interbank market.

https://twitter.com/StateBank_Pak/status/1633792715916824576

According to the State Bank of Pakistan, the value of the dollar increased by one rupee 25 paise or 0.45% yesterday, after which it closed at 279.12.

Secretary General Exchange Companies Association of Pakistan Zafar Pracha said that today there is a tendency to increase the value of the dollar, and the main reason for this seems to be that the staff-level agreement with the International Monetary Fund (IMF) is not being reached.

“People will remain in doubt until the government strikes the agreement and until it gets all the payments after approval,” Paracha said.

“They want to close dollar on a maximum rate and make the investments in PIDs or the government securities by 20-22%,” he added.