Rupee weakens by 3.79 to 279.26 viz dollar

KARACHI: Pakistani rupee weakened against the US dollar in the interbank market by Rs3.78 (-1.34 percent) for the third successive session on Tuesday.
The State Bank of Pakistan (SBP) said in a tweet that the rupee opened at 279.26 against the dollar in the interbank market and closed at 283.04. During the last three sessions, the rupee has weakened against the US dollar by Rs6.58 in the interbank market.
Similarly, the local unit depreciated against the greenback in the open market by Rs4 (-1.43 percent). The rupee was quoted in the range of 280-283 against the dollar in the open market as compared to 284-287 a session earlier. In the black market/Hundi, the dollar was quoted at Rs298 against Rs296 a session earlier.
During the recently started fiscal year 2023-24, Pakistani rupee has gained Rs2.99 against the US dollar in the interbank market, while it plummeted by Rs55.61 against the greenback in the current year.
According to experts, the knee-jerk reaction after the International Monetary Fund (IMF) programme, which resulted in the rupee’s appreciation, is reversing. They said that as import restrictions are being lifted amid IMF demands, the pressure would stay on the local currency, adding to the backlog created due to import and dividend restrictions. They said that unless remittances and exports increase, the rupee would continue to show gradual depreciation.
The Pakistani rupee inched up by o.11 percent against the US dollar in the interbank market last week, while it remained unchanged in the open market. The International Monetary Fund (IMF) transferred $1.2 billion to the central bank’s account on Thursday last after approving a $3 billion loan agreement for Pakistan on Wednesday last. Earlier last week, $1bn were transferred by the United Arab Emirates on Wednesday and $2bn by Saudi Arabia on Tuesday last. – TLTP