Sixth consecutive decline: Pakistani rupee closes 38 paisa lower against US dollar

WEB DESK: In the latest economic developments, the Pakistani rupee faced its sixth consecutive decline against the US dollar, depreciating by 0.14 per cent in the inter-bank market on Monday.

According to the State Bank of Pakistan (SBP), the PKR settled at Rs280.95, marking a decrease of Re0.38.

This decline follows a trend from the previous week when the rupee closed 0.63 per cent or Rs1.77 lower against the US dollar in the inter-bank market. The local currency initiated the week at Rs278.80 but concluded on Friday at Rs280.57.

Interbank closing #ExchangeRate for todayhttps://t.co/AAZq6KeObu#SBPExchangeRate pic.twitter.com/DhtKh56Aa6

— SBP (@StateBank_Pak) October 30, 2023

In a related update, experts anticipate a resurgence in remittances from Gulf countries as the local currency has shown a notable recovery against the US dollar in both inter-bank and open markets in recent weeks.

Additionally, the caretaker government introduced a stimulus package of Rs80 billion to encourage overseas Pakistanis to send remittances to their relatives in Pakistan without any charges.

Read more: Finance Minister hopeful as Pakistan aligns with IMF conditions

Internationally, the US dollar experienced a modest increase in cautious trading, hovering near 150 yen. Traders are closely monitoring the policy decision by the Bank of Japan later this week, along with meetings from other major central banks and various global economic data releases.

Recent data revealed a surge in US consumer spending in September, driven by increased purchases of motor vehicles and travel, indicating continued growth in spending as the fourth quarter approaches.