For the second day in a row, the Pakistani rupee declined against the US dollar in interbank trading. On Wednesday, the local currency dropped by another Rs3.42, closing at Rs294.93 against the US dollar, as the State Bank of Pakistan reported. In the open market, the dollar was being exchanged for Rs303.50, according to the Exchange Companies Association of Pakistan.
Dollar Price Latest Update Against Pakistani Rupee
The previous day, the Pakistani rupee had ended at 291.51 against the dollar. According to Khurram Shehzad, who heads the financial consultancy firm Alpha Beta Core, this dollar value rise can be attributed to a gradual opening of imports. Additionally, the increase in international oil prices contributed to the spike in the dollar’s value.
Read More: LPG Price in Pakistan Rises by Rs10/kg
It’s worth noting that the caretaker government raised the prices of petroleum products by up to Rs20 per liter due to the global rise in oil rates.