On Thursday 17 August 2023, the Pakistani rupee (PKR) continued its downward trend, depreciating by 20 paisa against the US dollar in the interbank session. The currency settled the trade at PKR 295 per USD, compared to the previous session’s closing of PKR 294.75 per USD.

Throughout the session, the local unit traded within a range of 60 paisas, reaching an intraday high bid of 295.05 and a low offer of 294.4. In the open market, the PKR was traded at 310 per USD. The increased demand for dollars in the open market is primarily due to the rising demand from LC retirements and Increased travel as Umrah Season has started

Furthermore, factors such as concerns over defaults, political instability and appointment of Dr. Shamshad Akhtar as Caretaker Finance Minister contributed to pressure on rupee.

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