The dollar rate in Pakistan decreased by 3.33 rupees on Saturday, September 16, 2023, according to the State Bank of Pakistan (SBP). The new interbank rate for the US dollar is Rs. 297.03.
This is the first decrease in the dollar rate in Pakistan since August 3, 2023. The dollar rate has been steadily increasing since the beginning of the year, due to a number of factors, including high inflation and political uncertainty.
The decrease in the dollar rate is likely due to a number of factors, including the recent decline in oil prices and the intervention of the SBP in the foreign exchange market. The SBP has been selling dollars from its reserves in order to stabilize the rupee.
The decrease in the dollar rate is a positive development for the Pakistani economy. It will make imports cheaper and help to reduce inflation. It will also boost investor sentiment and help to attract foreign investment.
However, it is important to note that the dollar rate is volatile and can change quickly. Businesses and consumers should be prepared for further fluctuations in the dollar rate.
Here is a table of the dollar rate in Pakistan on September 16, 2023, according to the SBP:
|Date||Dollar rate (Rs.)|
|16 Sep 2023||297.03|
|15 Sep 2023||300.36|
Businesses and consumers can use the following tips to manage the risk of currency fluctuations:
- Hedge against currency fluctuations by using forward contracts or currency options.
- Diversify your business operations and suppliers to reduce your exposure to a single currency.
- Use foreign exchange hedging software to monitor currency fluctuations and manage your risk exposure.