KARACHI
Pakistani rupee snapped a two-day winning streak against the US dollar and shed 46 paisas (-0.16 percent) in the interbank market on Monday. The State Bank of Pakistan (SBP) said in a tweet that the rupee opened at 286.97 against the dollar in the interbank market and closed at 287.43.
During the previous two sessions, the rupee strengthened by Rs2.41 against the US dollar.
On the other hand, the local unit depreciated against the greenback in the open market by Re1 (-0.34 percent). The rupee was quoted in the range of 292-295 against the dollar in the open market as compared to 291-294 a session earlier. In the black market/Hundi, the dollar remained at Rs305.
During the current fiscal year 2023-24, Pakistani rupee has shed Rs1.44 against the US dollar in the interbank market, while it plummeted by Rs60 against the greenback in the current year.
The rupee’s depreciation came after police on Saturday arrested former prime minister Imran Khan in Lahore after a court sentenced him to three years in prison. Traders on Sunday feared the markets might fall as a result of the former premier’s arrest. It will be interesting to see how the local unit behaves against the greenback in the backdrop of former prime minister Imran Khan’s arrest. Earlier, the rupee hit a record all-time low at Rs298.93/$ in the interbank market on May 11 in the backdrop of a deepening political turmoil and widespread law and order disturbances after Khan’s arrest in a case.
