Friday, October 7, 2022

Pakistan Rupee continues to depreciate against Greenback

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Karachi: The Pakistani Rupee depreciated against the greenback in the interbank by 15 paisas to settle at Rs182.34 on Tuesday.

According to the data shared by the State Bank of Pakistan, the USD appreciated against the PKR in the local market as well as in the open market.

The Dollar gained by 20 paisas against the local currency in the open market and settled at Rs183.50.

The Euro rose by 5 paisas to sell at Rs199.50 in the open market while the Saudi Rial appreciated by 5 paisas to settle at Rs48.80.

Meanwhile, The British Pound lost by 50 paisas to settle at Rs239.50 and Emirates Dirham lost by 15 paisas to sell at Rs50.15.

The Pakistani Rupee, after breaking the seven-day losing streak, had gained by 5 paisas against the USD on Thursday. But, the Pakistan rupee once again faltered and dropped by 5 paisas against the US dollar in the interbank market on Friday.

Also Read:Pakistani rupee continues to weaken against US dollar

The economic experts have blamed the widening trade deficit, uncertain political conditions and Russia-Ukraine conflict for the pressure on the local currency.

However, the central bank data shows that Pakistan’s foreign currency reserves have hit their lowest level of the current fiscal year. The reserves declined by $869 million on March 18.

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