After posting a surplus for several months in a row, the country’s current account dipped back into deficit in May, and the Pakistani rupee continued to show signs of pressure versus the US dollar in both the open and interbank markets.
In the interbank market on Tuesday, the rupee fell 0.08% versus the US dollar, closing at Rs283.41 from Rs283.17 the day before, according to data from the State Bank of Pakistan (SBP).
Over the past month, the dollar’s value on the open market increased by two and a half rupees, from Rs283.75 to Rs285.50.
Experts in finance blame the currency devaluation on a confluence of global geopolitical concerns and domestic economic difficulties.
