Thursday, June 30, 2022

Dollar upward march continues against rupee

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KARACHI: The Pakistani rupee continued its losing streak against the US dollar in the interbank market on Tuesday as the greenback reached an all-time high of Rs195.44, ARY News reported.

According to the Forex Association of Pakistan, the US dollar breached the 195-mark at the day’s start after the greenback gained Rs1.25 in the interbank market.

The forex dealers said that in the open market, the US dollar is trading at Rs195.50.

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

PAKISTAN’S FOREIGN EXCHANGE RESERVES HIT 28-MONTH LOW

When the PM Shehbaz-led coalition government took over on April 11, the dollar was valued at Rs182.3. Since then, the rupee has lost Rs11.4 or 6.2 per cent of its value.

Meanwhile, 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 had said.

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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