Pakistani rupee snaps 10-day winning streak, falls against dollar

KARACHI: The Pakistani rupee snapped a 10-day winning streak as it ended weaker by three paisas against the United States (US) dollar in the interbank market on Tuesday.

According to the data shared by the State Bank of Pakistan (SBP), the domestic currency closed at Rs174.50 against the greenback, showing depreciation of three paisas over the previous close of Rs174.47.

In the open market, the US dollar is trading at Rs175.70, forex dealers said.

Interbank closing #ExchangeRate for today: https://t.co/ycnylB3bRc pic.twitter.com/ieAlYvW5bn

— SBP (@StateBank_Pak) February 8, 2022

The local unit had risen Rs1.04 to Rs174.48 against the greenback on Friday, which was the biggest single-day rise since November 17.

Earlier, Finance Minister Shaukat Tarin said the Pakistani rupee staged a sharp recovery against the United States (US) dollar after the International Monetary Fund (IMF) approved a $1 billion loan tranche.

Also Read: Rupee posts biggest single-day gain against US dollar

He predicted that the Pakistani rupee would continue to recover in the days to come, adding that he has been warning elements who were involved in the speculative trade and hoarding of the dollar that the rupee would move the other side.