On Monday, the Pakistani rupee (PKR) continued its downward trend, depreciating by 74 paisa against the US dollar in the interbank session. The currency settled the trade at PKR 286.56 per USD, compared to the previous session’s closing of PKR 285.82 per USD.
Throughout the session, the local unit traded within a range of 2.1 rupees, reaching an intraday high bid of 287.50 and a low offer of 285.40. In the open market, the PKR was traded at 302/306 per USD. The increased demand for dollars in the open market is primarily due to the rising demand from Hajj pilgrims as Hajj flights have commenced since Sunday.
Furthermore, factors such as concerns over defaults, political instability, and Ishaq Dar’s recent statement urging banks to facilitate export-oriented sectors without referencing the State Bank of Pakistan (SBP) have contributed to the heightened demand for dollars in the market.
The local unit has been under pressure due to the prolonged delay in signing the IMF’s agreement. There have been rumors suggesting that the delay is related to the IMF seeking assurance from the Ministry of Finance that the funds will not be utilized for political purposes.
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