Rupee free fall continues as dollar climbs to Rs238.91 in interbank

KARACHI: 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, ARY News reported on Tuesday.

According to State Bank of Pakistan (SBP), the Pakistani rupee lost Rs1, or 0.42 percent, compared to yesterday’s close of Rs237.91. The domestic currency has continued to freefall against the greenback for thirteen consecutive working days.

The Forex Association of Pakistan (FAP) stated that the banks were selling the US dollar at Rs239.40, while the greenback was being traded between Rs244 to Rs246 in the open market.

Interbank closing #ExchangeRate for todayhttps://t.co/DoRQpcAzeF pic.twitter.com/hr4I00NXxV

— SBP (@StateBank_Pak) September 20, 2022

A day earlier, the US dollar continued its flight against the Pakistani rupee for the twelfth consecutive session, rising by Rs1.07 in the interbank market.

According to the State Bank of Pakistan (SBP), the greenback appreciated by Rs1.07 and closed at Rs237.91 – depreciating by 0.45 percent.

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.

Read More: Flight of dollar: FIA directed to crack down on hundi operators

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.

In the open market, the US dollar appreciated by Rs6.50 to close at Rs241 from Rs234.50 at the start of the business week.

The PKR’s battering continued despite the State Bank of Pakistan confirming that Pakistan has received a loan tranche of US$1.16 billion from the International Monetary Fund (IMF).