Karachi August 21 2023: On Monday, the Pakistani rupee experienced a devaluation of PKR 1.36 against the US dollar in interbank trading, concluding at a closing rate of PKR 297.13 compared to the previous day's closing rate of PKR 295.77 on higher Current Account Deficit.
Pakistan's Current Account Balance (CAB) took a negative turn, reaching USD 809 million in July 2023, following a surplus of USD 504 million in June 2023 as country open imports.The State Bank of Pakistan (SBP) has removed import restrictions at the end of June as part of fulfilling a requirement set by the International Monetary Fund (IMF) to establish an open foreign exchange market.
Nevertheless, as reported by the Forex Association of Pakistan (FAP), the open market's buying and selling rates for the US dollar were recorded at PKR 305 and PKR 308 respectively.
As per the State Bank of Pakistan (SBP), the Euro's value surged by PKR 1.85, leading to a closing rate of PKR 323.45 as opposed to the previous day's PKR 321.60.
The Japanese Yen appreciated by 01 paisa and ended at PKR 2.04, while the British Pound saw an uptick of PKR 2.11, reaching an exchange rate of PKR 378.16 compared to the previous closing of PKR 376.05.
Additionally, the exchange rates for the Emirates Dirham and the Saudi Riyal each rose by 37 paisa, concluding at PKR 80.89 and Rs 79.22 respectively.