Rupee free fall continues as US dollar hits 221 in interbank

KARACHI: The Pakistani rupee continued to lose its value for the third consecutive session, falling by Rs1.56 against the US dollar in the interbank market, ARY News reported on Tuesday.

According to data shared by the State Bank of Pakistan (SBP), the local currency closed at Rs221.42 per dollar, having depreciated 0.70 per cent.

Interbank closing #ExchangeRate for todayhttps://t.co/4e2n3i6IVW pic.twitter.com/ZAb2bzXMWB

— SBP (@StateBank_Pak) September 6, 2022

Meanwhile, the US dollar was being traded at Rs232 to Rs 234 in the open market, the Forex Association of Pakistan (FAP) stated.

A day earlier, the US dollar continued upward trend in the exchange market, although it made a minor gain against rupee today despite Pakistan getting a US$1.16 billion loan tranche from the IMF.

According to forex dealers, in interbank, the dollar traded at Rs219.47 after a hike in value against rupee by Rs0.49 while banks were selling it for Rs219.80. In open market, the greenback traded between Rs225 and Rs227.

It is pertinent to mention here that the rupee faced a setback on Friday after it shed its value against US dollar in the interbank on Friday, a day after the State Bank of Pakistan received a loan tranche from the International Monetary Fund (IMF).

The State Bank of Pakistan has confirmed on Wednesday that Pakistan has received a loan tranche of US$1.16 billion from the IMF.