PKR remains under pressure, falls by Rs1.64 in interbank

On Monday, the rupee declined by Rs1.64 in the interbank market as it continued to lose strength against the dollar.

According to information provided by the State Bank of Pakistan (SBP), the local currency closed at Rs229.82 per $1. This equates to a depreciation of 0.71 per cent.

https://twitter.com/StateBank_Pak/status/1569271897002749952

Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan (Ecap), claimed that the devaluation of the rupee was caused by a number of factors, including the anticipated rise in import costs following the devastating floods.

But one of the main causes, according to him, was that friendly nations that had promised to contribute funds after the International Monetary Fund (IMF) deposit was received had not yet followed through on their commitments.