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Pakistani rupee slips again against US dollar in interbank market

By News Desk

November 6, 2023 11:12 AM


Pakistani rupee sips again against US dollar in interbank market

Pakistani rupee sips again against US dollar in interbank market

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.

https://twitter.com/StateBank_Pak/status/1721488811161727253

On the last day of trading Friday, the Pakistani rupee had gone down 0341 percent and closed the week at Rs284.31.

https://twitter.com/StateBank_Pak/status/1720403164019794034

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



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