Rupee continues downward trend against US dollar

Karachi: In spite of the existing standby agreement with the International Monetary Fund (IMF), the Pakistani rupee continued its descent against the US Dollar on Friday.

The State Bank of Pakistan (SBP) said that the US dollar strengthened by Rs 0.86, concluding at Rs 295.78 in the interbank market.

Interbank closing #ExchangeRate for today https://t.co/EQAQL5zTC2#SBPExchangeRate pic.twitter.com/tJozChlO2l

— SBP (@StateBank_Pak) August 18, 2023

Forex traders noted that the dollar is now trading at Rs 302, marking a Rs 1 increase in the open market, while banks are pricing the dollar at Rs 296.38 for import transactions.

A day prior, the dollar had surged by an additional Rs 3 in both the interbank and open markets.