Pakistani rupee slips again against US dollar in interbank market
By News Desk
November 6, 2023 11:12 AM
The Pakistani rupee continued to ebb against the US dollar in the interbank market as the business resumed after the weekend on Monday, reported 24NewsHD TV channel.
As per the State Bank of Pakistan, the local currency depreciated 0.34% or by another 98 paisas against the greenback and ended the day at Rs285.29.
On the last day of trading Friday, the Pakistani rupee had gone down 0341 percent and closed the week at Rs284.31.
During the previous week, the rupee had endured losses against the US dollar to close 1.33% or Rs3.74 lower in the interbank market. It was the third consecutive week that the local currency had witnessed a fall.
Before this, the local currency had maintained a positive close for 28 successive sessions, one of the longest appreciation runs as it had cumulatively gained 10.93% since hitting a record low of Rs307.1 in the interbank market on September 5.
The unprecedented increase had largely come on the back of a crackdown against smuggling and controls on exchange companies. However, since then, the fortunes have turned in the US dollar’s favour.
Reporter Ashraf Khan