Rupee Falls 10th Day in a Row Against US Dollar to End the Week

The Pakistani rupee fell 10th day in a row against the US Dollar today after opening trade at 281 in the interbank market.

At 11:30 PM, it was bearish, treading the 283 level against the greenback.

Later, the interbank rate dropped below the 284 level between 1:30 PM and 2:30 PM before anchoring trends for the remainder of the day. Open market rates across multiple currency counters stood in the 282-284 range today.

At close, the PKR depreciated by 0.31 percent to close at 284.31 after losing 88 paisas against the dollar today.

The rupee closed in the red for the 10th consecutive day today.

Pertinently, the rupee is down nearly Rs. 67 since January 2023. Since April 2022, it is down over Rs. 114 against the greenback. As per exchange rate movements witnessed today, the PKR has lost 88 paisas against the dollar.

In a key development, the foreign exchange reserves held by the central bank increased by $13.6 million during the week, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $12.576.6 billion, down $79 million over the previous week. The net reserves held by banks stood at $5.068.8 billion, registering a decline of $92.6 million during the week.

It is pertinent to mention here that the IMF mission has arrived in Pakistan for talks over the first review of the lender’s $3 billion Standby Arrangement for the cash-strapped nation. The successful completion of the talks will result in the release of a loan tranche of roughly $700 million.

The PKR was red against all of the other major currencies in the interbank market today. It lost 23 paisas against the Saudi Riyal (SAR), 24 paisas against the UAE Dirham (AED), 71 paisas against the Australian Dollar (AUD), and Rs. 1.65 against the Euro (EUR).

Moreover, it lost Rs. 1.88 against the Canadian Dollar (CAD) and Rs. 1.89 against the British Pound (GBP) in today’s interbank currency market.

Source: Pro Pakistani