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Markets

New low: rupee hits 302 against US dollar

  • Currency depreciates another 0.33% in inter-bank market
Published August 28, 2023

The Pakistani rupee hit a new record low against the US dollar, as it settled at 302 in the inter-bank market on Monday.

At close, the rupee was down Re1 or 0.33%, as per the State Bank of Pakistan (SBP).

During the previous week, the rupee closed negative across all five sessions to end at a then historic low of 301 against the US dollar.

The currency fell 1.7% against the greenback, but the gap with rates in the open market continued to stay over the prescribed limit by the International Monetary Fund (IMF), raising concerns over further fall in the inter-bank market.

Pakistan’s rising imports as restrictions ease, and falling foreign exchange reserves with no inflows in sight are keeping pressure on the rupee.

In a related development, the SBP said it cannot impose a ban on import of any item as it falls under the domain of Ministry of Commerce (MOC).

Globally, the US dollar eased from a 12-week peak on Monday as traders weighed the US monetary path after the Fed Chair Jerome Powell left open the possibility of further interest rate increases, while the yen hovered close to its lowest in over nine months.

In an eagerly awaited speech at the annual Jackson Hole Economic Policy Symposium, Federal Reserve Chair Powell promised to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the US economy.

Oil prices, a key indicator of currency parity, ticked higher on Monday after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen fuel demand.

Inter-bank market rates for dollar on Monday

BID                            Rs 301.80

OFFER                      Rs 302.00

Open-market movement

In the open market, the PKR lost 1.00 rupee for both buying and selling against USD, closing at 312.00 and 315.00, respectively.

Against Euro, the PKR lost 4.00 rupees for both buying and selling, closing at 340.00 and 343.00, respectively.

Against UAE Dirham, the PKR lost 50 paisa for both buying and selling, closing at 86.70 and 87.50, respectively.

Against Saudi Riyal, the PKR lost 80 paisa for both buying and selling, closing at 84.00 and 84.80, respectively.

Open-market rates for dollar on Monday

BID                            Rs 312.00

OFFER                      Rs 315.00

Comments

Comments are closed.

Tulukan Mairandi Aug 28, 2023 12:44pm
Expected to slump to greater lows
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Kashif ALI Aug 28, 2023 01:14pm
SBP can't ban imports. Ministry of Commerce can. But the people should be supporting the government in curbing the imports. Here, the people don't have money to feed themselves but they are desperate to feed their pet dogs and cats with imported food. Such people and nation must be doomed for good.
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Aamir Aug 28, 2023 02:41pm
@Kashif ALI, cat and dog food is not very high in value. It is the masses who eat pulses and palm oil and tea which are the major import items. We have an uncontrolled population growth with 25 crore people which need food. We produce children like animals so need a one child policy like China
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Johnny Walker Aug 28, 2023 04:04pm
Rupee is following population growth. Natural trends in this country.
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Arif Aug 28, 2023 04:13pm
US $ @ 302 …. As our current PM says .. So What !
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AmirSh Aug 28, 2023 04:59pm
Every day new low for PKR & political systems. Unfortunately, nobody seems to learn a lesson from all this mess.
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Shahid Khan Aug 28, 2023 05:07pm
Thanks to those who planned for everything & still not learning. PDM and Fazlurahman should have to be arrested
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Bilal Arshad Deo Aug 28, 2023 05:10pm
@Aamir , Words for humans shouldn't be of such loose! Neither nature nor ignorant are to be blamed Broken system right from the existence created gaps and they are not letting human minds grow or not letting leaders development people are led by masters not leaders. Once a leader true from people will rise he will be in position to set certain rules and directions. But gorrcreacy never allow this.......................
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Tulukan Mairandi Aug 28, 2023 05:10pm
400 by Christmas
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Dr fahad Aug 28, 2023 05:25pm
@KU, just start doing family planning, 245 million people are too much for resource straint Pakistan
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Awami Aug 28, 2023 06:26pm
@Dr fahad , You are right. The population growth is obvious but no political parties are going to suggest people to have small family. Due to ever rising population misery will grow and people will emigrate to save themselves. Need is for national dialogue, this more urgent than elections.
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Tulukkan Mairandi(Salem) Aug 28, 2023 06:34pm
NEXT TARGET IS PKR 350/$ ALL THE BEST.
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Ahmed Khan Aug 28, 2023 07:43pm
Implementation of income tax is the only solution so that the rich pay their due share. Tax on goods and services wont work without income tax. When the well off start paying 40-50% tax the imports will automatically drop.
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Sitwat Jehan Aug 28, 2023 08:13pm
Thank you neutrals for this mess in the country. With the experimentations you have done we are doomed and you broke your oath every time.
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