The State Bank of Pakistan’s data shows that the closing exchange rate for the dollar was Rs305.54, compared to the previous day's closing rate of Rs304.45.
KARACHI: (UrduPoint/Pakistan Point News-August 31st, 2023) The Pakistani national Currency experienced further decline on Thursday, falling by an additional Rs1.09 in comparison to the US Dollar in the interbank market.
As indicated by data from the State Bank of Pakistan (SBP), the closing exchange rate for the dollar was Rs305.54, compared to the previous day's closing rate of Rs304.45.
The rupee saw a decrease of 0.4 percent, attributed to Pakistan's relaxation of import constraints in compliance with terms established under a $3 billion economic assistance program from the International Monetary Fund (IMF), as well as ongoing political instability.
Following the establishment of the interim government, the rupee has encountered a cumulative decline of 4.6 percent. Throughout the month of August, the rupee witnessed a total depreciation of 6.2 percent.
Meanwhile, Pakistan's sovereign dollar bonds faced a decline in the backdrop of a wider downturn in emerging market debt. Notably, the 2031 maturity bonds experienced the most significant drop of 2.5 cents, while several others saw declines of 2 cents or more, according to data from Tradeweb.
