Pakistani rupee suffers 6th consecutive loss against US dollar
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Though it was not freefalling but the Pakistani rupee continued its spineless show against the US dollar, recording sixth straight loss on Tuesday in the interbank market, reported 24NewsHD TV channel.
In the interbank trading, the US dollar smashed through the Rs226 barrier, going up 33 paisas and ended the trade at Rs226.15.
Interbank closing #ExchangeRate for todayhttps://t.co/36Jd5ihqjO pic.twitter.com/QqU5XghcCY
— SBP (@StateBank_Pak) December 27, 2022
In Monday’s trading , the greenback ended the day with a marginal gain against the Pakistani rupee, falling 0.08% in the inter-bank market.
Interbank closing #ExchangeRate for todayhttps://t.co/F01Aqlkoqn pic.twitter.com/fGuujTtLI4
— SBP (@StateBank_Pak) December 26, 2022
During the previous week, the Pakistani rupee had again showed stability in the inter-bank market, depreciating just 0.3% to settle at 225.64 against the US dollar. However, with extreme administrative controls in place taking down the number of trades, it was the informal markets stepping in to fill the gap where reports suggest the currency traded in the range of 255-260.
During the week, foreign exchange reserves held by the State Bank of Pakistan (SBP) had declined by another $584 million to a critical level of $6.12 billion, the lowest since April 2014, underscoring the urgent need for the International Monetary Fund (IMF) programme to get back on track.
Reporter Ashraf Khan