Karachi: The Pakistani rupee continued its downward slide on Wednesday, losing 18 paisa against the US dollar in the interbank market. The dollar closed at Rs278.52, up from the previous day’s Rs278.34, according to data released by the State Bank of Pakistan (SBP).
Financial experts have pointed to two key factors behind the rupee’s recent weakness: the lower RDA inflows and the delay in finalising a new loan program with the International Monetary Fund (IMF). The IMF Board is reportedly awaiting the rollover of $12 billion in dollar deposits at the SBP by friendly countries, including Saudi Arabia and China.
This depreciation comes as overseas Pakistanis deposited and invested a fresh $161 million in July 2024 through the Roshan Digital Account (RDA). However, these inflows were below the average of the past six months, contributing to the rupee’s decline.
Read More: Roshan Digital Account inflows reach $8.41 bn in July 24
The SBP data shows that the gross RDA receipts have now reached $8.42 billion since the accounts were introduced in September 2020. Net inflows, after excluding the funds expatriates withdrew or spent on their families in Pakistan, stood at $1.46 billion.
In the open market, the local currency appreciated by 20 paisa, closing at Rs280 per dollar, according to the Exchange Companies Association of Pakistan (ECAP).
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