Support quality journalism and subscribe to Business Standard.PKR to USD - Pakistani Rupee to US dollarĬonvert Pakistani Rupee to US dollar with flexible currency converter, also check Pakistani Rupee to US dollar exchange rate which is changing every second and may be impacted of everyday political or economic life. Your support through more subscriptions can help us practise the journalism to which we are committed. We believe in free, fair and credible journalism. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.Īs we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. (Only the headline and picture of this report may have been reworked by the Business Standard staff the rest of the content is auto-generated from a syndicated feed.)īusiness Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. "I reiterate political uncertainty is weakening market sentiment and leading to more rupee depreciation," Ali added. "Note that balance of payments pressure on the currency has eased, as per the central bank, which asserts that Pakistan has enough capital commitments for the next 12 months to take care of its dollar outflows," he said. Muhammad Saad Ali, a capital market expert, told Geo.tv that the rise in political uncertainty - of whether the present government will remain in office long enough to stabilise the economy and the continued confusion around who governs the Punjab province - is causing the rupee to slip. "Global rating agencies have put a negative outlook on the economy, so that is an additional burden that is weighing in on the financial markets in general and forex market in particular," he added. He noted that although the International Monetary Fund is on board for disbursement, the flows are yet to materialise as the Executive Board's final approval is awaited, reported Geo News. In addition, he said, Pakistan's external account issues are not settled as yet though imports are slowing. Tahir Abbas, the head of research at Arif Habib Limited, said, "Shortage of dollars, political and economic uncertainty tagged with ambiguity regarding commitment from friendly countries, which is needed for disbursement of IMF tranche were the reasons behind rupee's persistent slide."įears have risen about Pakistan's stuttering economy as its currency fell nearly 8 per cent against the US dollar in the last trading week, while the country's forex reserves stand below USD 10 billion with inflation at the highest in more than a decade, reported Geo News.Īlpha Beta Core CEO Khurram Schezad told Geo.tv that the dollar is getting stronger in the global market almost against all the world currencies - and the rupee is not an exception. The rupee has been one of the world's worst-performing currencies, slumping more than 30 per cent since the start of the year (2022), The News reported. The financial markets remained jittery amid an ongoing political crisis. The local unit closed at Rs 232.93 in the interbank market, up from Rs 229.88 a day earlier, as it shed Rs3.05 or 1.31 per cent against the dollar, data from the State Bank of Pakistan (SBP) showed.Īs per analysts, the persistent political crisis is to be blamed for the Pakistani rupee's continued losing ground against the US dollar, reported Geo News. Pakistani rupee (PKR) reached a new low against the US dollar on Tuesday, closing at Rs 232.93 in the interbank market.
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