Rupee extends losses against dollar, close to record low

KARACHI: The Pakistani rupee extended its losses against the US dollar in the interbank market, closing near a record low of Rs239.94 on July 28, ARY News reported on Wednesday.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs239.65 after losing 74 paise or 0.31 percent against the greenback in the interbank market, down in value from the previous session’s close of 238.91.

Interbank closing #ExchangeRate for todayhttps://t.co/EUQu8CS6H9 pic.twitter.com/OYa9xRImkK

— SBP (@StateBank_Pak) September 21, 2022

The domestic currency has continued its freefall against the greenback for 14th consecutive working session. Previously, the rupee hit an all-time low of 239.94 on July 28, 2022.

Meanwhile, the Forex Association of Pakistan (FAP) stated that the banks were selling dollar at Rs240.15. In the open market, the greenback was being traded at Rs246 to Rs248.

A day earlier, the Pakistani rupee’s losses continued for thirteen consecutive sessions as the local currency closed at Rs238.91 against the US dollar in the interbank market.

According to the State Bank of Pakistan (SBP), the Pakistani rupee lost Rs1, or 0.42 percent, compared to yesterday’s close of Rs237.91.

It is pertinent to mention here that the Pakistani rupee weakened by Rs8.66 against the United States (US) dollar in the interbank currency market in previous week.

According to a weekly report, the greenback closed at Rs236.84 against the domestic currency, as compared to Rs228.18 at the start of the business week.