Sunday, May 29, 2022

Dollar reaches new high against Pakistani rupee

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KARACHI: The Pakistani rupee continued to lose ground against the US dollar in the interbank market on Friday, as the greenback reached an all-time high of Rs192.86, ARY News reported.

According to the Forex Association of Pakistan, the US dollar breached the 192-mark at the day’s start and soared to Rs192.86 around 11:50am.

The value of the greenback surged byRs1.09 in early trading.

The domestic currency also lost ground in the open market and traded above Rs193.

The value of the Pakistani rupee surged byRs1.75 on Thursday and closed at Rs191.77 in the interbank market.

PAKISTAN’S FOREIGN EXCHANGE RESERVES HIT 28-MONTH LOW

As per economic experts, the surging dollar has shattered the confidence of Pakistani rupee-based economy and its stakeholders.

Foreign reserves hit 28-month low

Foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $190 million to $10.308 billion during the week ended on May 6, data released by the central bank showed on Friday.

The country’s total foreign reserves, including net reserves of commercial banks, dipped to $16.375 billion, the central bank said.

Net foreign reserves held by commercial banks were US$ 6.067 billion.

After attaining a peak of $20bn in August 2021, the SBP reserves hit a 23-month low while the country’s total forex stocks also slumped to a 28-month low during the week ending on May 6.

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