Pakistani rupee suffers 20th straight loss against US dollar

Pakistani rupee on Tuesday suffered a fall against the US dollar for the 20th consecutive session in interbank market, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the greenback went up by 32 paisas against the local currency and ended the day at Rs228.66.

Interbank closing #ExchangeRate for todayhttps://t.co/f7gJhz7b1V pic.twitter.com/tbBc6ENdMy

— SBP (@StateBank_Pak) January 17, 2023

On Monday, the rupee depreciated 0.08% in the inter-bank market, declining by 19 paisas to close at Rs228.34. 

Interbank closing #ExchangeRate for todayhttps://t.co/UORNcYzYwH pic.twitter.com/RqZzoFhLV8

— SBP (@StateBank_Pak) January 16, 2023

During the ongoing fiscal year, the rupee has so far depreciated 10.33% against the US dollar.

A drastic fall in country’s foreign exchange reserves was also reported during the last few business sessions, with reserves held by State Bank of Pakistan hitting the $4.3-billion mark after debt repayment of over $1.2 billion.

While Pakistan managed to secure a rollover of $2 billion and the UAE also announced an additional loan of $1 billion, inflows have yet to materialise, underscoring the importance of reviving the stalled International Monetary Fund (IMF) programme.

SBP Governor Jameel Ahmad during the last week assured the business community of resolving the issue of restrictions on dollars soon, as manufacturers projected dim prospects regarding industrial production if import of raw materials remained blocked.

Reporter Ashraf Khan