The US dollar has got an upper hand over the Pakistani rupee as it gained 22 paisa in its value in interbank trading, reported 24NewsHD TV channel.
As per the market report, the local unit lost 22 paisa against the greenback in the Monday trading session and the US dollar was settled at Rs223.91 by the close of the day.
Interbank closing #ExchangeRate for todayhttps://t.co/L0gJkDW0xg pic.twitter.com/hQLP9n1UdR
— SBP (@StateBank_Pak) December 5, 2022
On Friday, the US dollar was closed at Rs223.69.
Interbank closing #ExchangeRate for todayhttps://t.co/LA1R5zbiXz pic.twitter.com/NTqySADlhb
— SBP (@StateBank_Pak) December 2, 2022
Though Saudi Arabia has extended the term for a $3 billion deposit to the State Bank of Pakistan through Saudi Fund for Development (SFD) in order to shore up the foreign currency reserves, the local unit still has failed to withstand the US dollar’s onslaught.
The depleting foreign exchange reserves are the real bane that stops the PKR to remain firm.
The foreign exchange reserves of the SBP fell by $327 million to $7.499 billion by the week ended November 25, 2022, according to the central bank. The bank attributed the decline in official reserves to repayment against external debt.
Meanwhile, country’s exports have registered an 18.34 per cent decline Year on Year (YoY) in November 2022 owing to import restrictions and a slowdown in global demand.
The data released by the Pakistan Bureau of Statistics (PBS) on Thursday revealed that exports fell to $2.37 billion in November 2022 when compared with $2.9 billion in the corresponding month last year.
Reporter Ashraf Khan