Pakistani rupee on losing streak for 8th consecutive session in interbank
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The Pakistani rupee has failed to hold its ground against the US dollar for the eighth consecutive trading session and slumped by 60 paisas in the interbank on Tuesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the US dollar added to its value another 60 paisas against the local unit in the interbank and ended the day at Rs288.52.
Interbank closing #ExchangeRate for today https://t.co/jc1jUZCZZ3#SBPExchangeRate pic.twitter.com/uGBHBbFF5o
— SBP (@StateBank_Pak) July 25, 2023
Yesterday which was the first day of the current week, the rupee failed to display any signs of resilience and tumbled against the greenback by Rs1.11 in the interbank session.
https://twitter.com/StateBank_Pak/status/1683436888512921601
Today is the 8th consecutive trading session that has seen the rupee’s decline. The reason behind this slump despite the boost in the FX reserves with the State Bank could be attributed to the rising demand for the US dollar as the government has lifted restrictions on imports and businessmen need more foreign currency to purchase imported articles.
Besides this, domestic savers are also purchasing dollars to save their money as the market is reposing less and less confidence in the value of the local unit.
Reporter Ashraf Khan