US Dollar touches PKR310/$ in open Market

May 24, 2023

During Intra-day dealing in the inter-bank market on Wednesday, the Pakistani rupee remained relatively stable against the US dollar, experiencing a slight depreciation of 0.02%. Rupee was being traded at 287.2 – 287.4 range, reflecting a decrease of Re0.05-0.1.

However, in the open market, US dollar was being traded in the range of 308-310. This widening gap can be attributed to a shortage of foreign currency.

In the inter-bank market, the rupee’s decline follows a trend of consecutive losses against the US dollar for the fifth session in a row. On Tuesday, it settled at 287.15, marking a decrease of 0.21%.

In a significant development, Prime Minister Shehbaz Sharif urged the economic team to implement concrete measures to expand the tax net and boost revenue. The preparation of the budget for the financial year 2023-24 was discussed during a meeting chaired by the prime minister on Tuesday. It was announced that the budget for the upcoming fiscal year would be presented on June 9, 2023, following approval from the federal cabinet.

US dollar maintained its position near a two-month high on Wednesday, driven by safe-haven demand. This demand was fueled by ongoing negotiations concerning the US debt ceiling, which showed no immediate signs of resolution.