US dollar moves up but at snail’s pace against Pakistani rupee

By: News Desk
Published: 10:33 AM, 6 Dec, 2022
US dollar moves up but at snail’s pace against Pakistani rupee
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The US dollar kept on moving up but at the snail’s pace against the Pakistani rupee in the interbank trading on Tuesday, reported 24NewsHD TV channel.

According to the forex dealers, the local currency shed another 20 paisas against the greenback in the trading session. At the close, the US dollar was at Rs224.11.

On Monday, the US dollar was closed the day at Rs223.91, up 22 paisas. 

Though Saudi Arabia has extended the term for a $3 billion deposit parked at the State Bank of Pakistan in order to shore up the foreign currency reserves, the rupee 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

Categories : Business