US dollar bulldozes Pakistani rupee in interbank market

The Pakistani rupee suffered massively against the US dollar for the 12^th consecutive day in interbank market on Tuesday as the local currency went down by over one rupee, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency sank by Rs1.10 against the greenback and ended the day at Rs286.39.

Interbank closing #ExchangeRate for todayhttps://t.co/soXvFXBizB#SBPExchangeRate pic.twitter.com/SFg5k8GYaY

— SBP (@StateBank_Pak) November 7, 2023

On Monday, the Pakistani rupee had settled at Rs285.29, a decrease of 98 paisas.

Interbank closing #ExchangeRate for todayhttps://t.co/1tS1teVmVg#SBPExchangeRate pic.twitter.com/zIgqJLQQSn

— SBP (@StateBank_Pak) November 6, 2023

During the previous week, the rupee had endured losses against the US dollar to close 1.33% or Rs3.74 lower at Rs284.31 in the interbank market. It was the third consecutive week that the local currency witnessed a fall.

Before this, the local currency had maintained a positive close for 28 consecutive sessions – one of the longest appreciation runs – as it cumulatively gained 10.93% since hitting a record low of Rs307.1 on September 5.

The unprecedented increase had largely come on the back of a crackdown against smuggling and controls on exchange companies. However, since then, the fortunes have turned in US dollar’s favour.

 

Reporter Ashraf Khan