Historical context: This article reports foreign-exchange figures from January 31, 2023. Exchange rates change continuously and the figures below are not current rates.

Rupee recovered in the interbank market

The Pakistani rupee recovered against the US dollar on January 31, 2023, after several sessions of sharp depreciation.

The rupee closed at approximately Rs267.89 to the US dollar in the interbank market, strengthening by Rs1.74 from the previous close of about Rs269.63.

The movement followed a period of exceptional volatility after exchange-rate controls were loosened. The rupee had fallen sharply in preceding sessions as markets adjusted.

Economic context

The currency movement occurred as Pakistan faced severe external-financing pressures and an IMF review mission arrived for discussions with the government.

Fuel prices had also recently been increased, adding to concerns about inflation and the broader economic outlook.

Because foreign-exchange prices can move rapidly and rates may differ between interbank and open markets, historical figures in this article should not be used as current exchange-rate information.