One day after the recovery of the interbank lending market, the exchange rate of the Pakistani rupee against the U.S. dollar once again hit a record low.
The local currency fell to a new low for the third time in just five days.
According to data shared by the National Bank of Pakistan, the U.S. dollar exchange rate rose by 31 paisa on Tuesday. The rupee depreciated by 0.18% in the inter-bank market, and the transaction price was 176.79 rupees.
On November 6, the rupee recovered and rose by 29 paisa.
Experts linked this progress to the US$3 billion package of loans Pakistan received from Saudi Arabia on Saturday. This sum has been deposited in the central bank, increasing the country’s foreign exchange reserves.
Malik Bostam, chairman of the Pakistan Foreign Exchange Association, said that the value of the U.S. dollar may fluctuate in the next two to three days.
However, the secretary of the Association of Exchange Companies, Zafal Paracha, stated that the dollar is artificially appreciated and its value will fall in a few days.
At the same time, on the open market, the US dollar exchange rate rose by 50 paisa and surpassed the 178 rupees mark.