Pakistani rupee sheds more value against greenback in interbank market
By News Desk
November 14, 2023 10:47 AM
The US dollar continued to dominate the Pakistani rupee in the interbank market on Tuesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the local currency depreciated by 32 paisas against the greenback and ended the day at Rs287.87.
On Monday, the Pakistani rupee had suffered continuous 15th loss against the US dollar as it went down by 0.18 percent, settling at Rs287.55 for the day.
During the previous week, the rupee had extended its downtrend against the US dollar as it depreciated 0.95% or Rs2.72 to settle at Rs287.03 in the interbank market. It was the fourth consecutive week that the local currency witnessed a fall, cumulatively down by 3.3% or Rs9.41 since October 13.
Earlier, the domestic currency maintained a positive close for 28 successive sessions - one of the longest appreciation runs as it cumulatively gained 10.93% since hitting a record low of Rs307.1 in the inter-bank market on September 5.
Meanwhile, Pakistan and the International Monetary Fund (IMF) are likely to initiate policy-level talks from November 13 (today) onwards.
Reporter Ashraf Khan