FY23 Rupee suffers record depreciation

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KARACHI:30 June 2023:  The depreciation of Pakistani currency in the most recent fiscal year was a historic 28%, indicating that the State Bank of Pakistan's (SBP) attempts to stabilise the exchange rate were unsuccessful in the face of the country's ongoing political and economic crises.

The rise of the US dollar versus the rupee was supported by the cessation of inflows and declining foreign exchange reserves.

On June 30, 2022, the dollar was available for Rs204.85. Since that time, it has started to rise quickly, eroding PKR confidence.

The dollar's interbank pricing on June 27, the last business day of FY23, was Rs285.99 after reaching an all-time high of Rs298.93 on May 11.

 

 

 

 

 

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