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Pak Rupee Plunges 3rd Day in a Row Against US Dollar on Budget News

The Pakistani rupee (PKR) fell third day in a row against the US Dollar today after opening trade at 278 in the interbank market.

It was bearish all day and closed in red against the greenback. However, it managed to recover against a few major currencies during today’s session.

The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278 today.

The PKR depreciated by 0.03 percent to close at 278.47 after losing eight paisas against the dollar today.

On a fiscal year-to-date basis, the rupee has so far appreciated by 2.80 percent.

Overall, the rupee is down nearly Rs. 51.27 since January 2023. Since April 2022, it is down Rs. 95.27 against the greenback. As per the exchange rate movements seen during the session, the PKR lost eight paisas today.

In a key development, the government has decided to increase reliance on withholding taxes in the coming budget (2024-25) to take additional taxation measures of Rs
. 1.2 trillion to Rs. 1.3 trillion from 2024-25.

The International Monetary Fund (IMF) wants Pakistan to tax Rs. 1.3 trillion more next fiscal year, massively raising the Federal Board of Revenue’s (FBR) annual revenue target to Rs. 12.3 trillion.

The PKR was all red against most of the other major currencies in the interbank market today. It lost one paisa against the Saudi Riyal (SAR), two paisas against the UAE Dirham (AED), and 94 paisas against the British Pound (GBP).

Meanwhile, it gained four paisas against the Australian Dollar (AUD), 16 paisas against the Euro (EUR), and 25 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.

Source: Pro Pakistani


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