Time to remit? Pakistani rupee weakens for third straight session, drops by over 40 paise on Wednesday

Dubai: The exchange rate of the Pakistan rupee weakened for a third straight session on Wednesday, plunging by 53 paise against the US dollar to Rs176.30, and by 40 paise against the UAE dirham to Rs48.

The currency fell 30 paisas against the US dollar in the interbank trading on Tuesday and closed at Rs175.77 against the previous day's closing of Rs175.47. Check the latest rates here.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of US dollar in the open market were last recorded at Rs176.6 and Rs178 respectively. 

The dollar’s decline is attributed to a stricter policy of the government towards the import of various products introduced by the government recently through Finance Amendment bill 2022.

Pakistan has also received a $1.053 billion tranche from the International Monetary Fund (IMF) following the successful completion of the 6th review under the Extended Fund Facility (EFF).

- with inputs from APP