Dollar rate in Pakistan today – 7 September 2022:
Despite receiving a loan tranche from the IMF for US$1.16 billion, the dollar’s value against the rupee kept rising.
On Wednesday, the US dollar increased by Rs 2.58 in the interbank market against the rupee and traded at Rs224.
The US dollar traded between Rs232 and Rs234 in the open market.
Interbank closing #ExchangeRate for todayhttps://t.co/4e2n3i6IVW pic.twitter.com/ZAb2bzXMWB
— SBP (@StateBank_Pak) September 6, 2022
For the third session in a row, the Pakistani rupee lost value against the US dollar, sliding down Rs1.56 on Tuesday in the interbank market.
According to data shared by the State Bank of Pakistan (SBP), the local currency closed at Rs221.42 per dollar, having depreciated 0.70 percent.
Several factors including dismal macros owing to large-scale destruction by recent floods, extremely high ratio of inflation and increasing political noise are putting adverse pressure on the rupee.
Zafar Paracha, President of the Exchange Companies Association of Pakistan (ECAP) was quite hopeful about the recovery of the rupee. She told Mettis Global that the rupee’s appreciation might go up to PKR 200 per USD in the upcoming months in the backdrop of IMF loan disbursement and expected funds from other friendly countries
The Pakistan State Bank (SBP) banned the export of dollars on Tuesday after they became too expensive in the open market.
The SBP has placed strict restrictions on dollar exports.
According to the decision, all exchange companies must obtain permission from the SBP before exporting dollars.
The SBP has also notified the heads of all exchange companies about the ban on dollar exports.
It is worth noting that the SBP allowed dollar exports last month on August 15.