Pakistani rupee posts losses against US dollar
- By Web Desk -
- Feb 15, 2022
KARACHI: Amidst increased demand for the United States (US) dollar, the Pakistani rupee continued to post losses against the greenback in the interbank market on Tuesday.
According to the data shared by the State Bank of Pakistan (SBP), the local currency closed at 175.78 against the dollar, 41 paisas or 18% down from the previous close of Rs175.47.
Interbank closing #ExchangeRate for today: https://t.co/Ts7vA08kLl pic.twitter.com/y5mW9ILnSM
— SBP (@StateBank_Pak) February 15, 2022
Forex dealers said rising demand for the US currency from importers was behind the depreciation of the rupee.
Also Read: Gold rates drop in Pakistan
The Pakistani rupee declined by almost 12 per cent last year. The dollar flight continues despite multiple measures taken by the State Bank of Pakistan (SBP) to stabilise the exchange rate.
The Federal Investigation Agency (FIA) is also continuously clamping down on hoarders and smugglers to restrict the outflow of the dollar in a bid to ease its demand.