ISLAMABAD: After getting some ground on Wednesday, the Pakistani rupee recorded a marginal decline against the US dollar on Thursday with depreciation of Rs 0.19 (0.07%) in the inter-bank market to settle at Rs287.37 on Thursday, as per reports by the State Bank of Pakistan.
Interbank closing #ExchangeRate for today https://t.co/CaBx1PUPgg#SBPExchangeRate pic.twitter.com/QPyelEB9Hf
— SBP (@StateBank_Pak) June 15, 2023
Meanwhile, according to local market reports the the local currency took some strength as the dollars were available in the open market in the range of Rs294 to Rs296 against the last day range of Rs295 to Rs299.
After complaining continuously the consumers were not a bit satisfied while getting dollars below the 300 benchmark.
However, according to Forex Association, exchange rates for the US dollar witnessed at Rs 295, Euro at RS 317, the British Pound Rs 371, Emarites Dirhma at Rs82, Saudi Riyal at Rs78.50, and Australian Dollar at Rs82.
The decline of Rupee Against the Dollar
Despite a little appreciation for a couple of days, the local currency depreciated on Thursday. Economy experts believe the mild decline in the local currency against the greenback might be due to recent dissatisfaction of the International Monetary Fund (IMF) about the recent budget proposals while calling them a missed opportunity to broaden the tax base.
The monetary body also showed reservations over the proposed new amnesty scheme related to sending dollars by overseas without a check. Officials in Pakistan are of the view that the scheme would be introduced only to increase the flow of dollars in the country.
