Pakistani Rupee Crashes Against US Dollar

The Pakistani Rupee (PKR) nosedived against the US Dollar (USD) at the closing of the interbank market on Thursday (2 March 2022) as it fell by Rs. 18.98 due to delay in the International Monetary Fund (IMF) deal.

According to the details, the Pakistani Rupee (PKR) closed at Rs. 285.09 on Thursday (2 March 2023) in the interbank market on Thursday (2 March 2023) compared to Wednesday, when it closed at 266.11.

This means the Pakistani Rupee (PKR) fell by Rs. 18.98 or 6.66% in a single day and the impact of this kind of depreciation will be seen in the form of massive inflation in the price of basic commodities in the coming days.

According to experts, the reason for the local currency’s downtrend is the delay in the signing of the staff-level agreement with the International Monetary Fund (IMF) coupled with the policy rate hike by the central bank to 20%.

Read more: USD to PKR – Dollar Rate in Pakistan Today – 2 March 2023.

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