Pakistani rupee weakens further, crosses Rs178 barrier vs dollar

KARACHI: The Pakistani rupee lost more ground against the United States (US) dollar in intra-day trading in the interbank currency market on Friday.

According to foreign currency dealers, the domestic unit depreciated by 39 paisas to touch a fresh record low of Rs178 to the greenback.

Also Read: SBP forex reserves rise $2.65bn to $18.66bn

The rupee had closed at Rs177.61 after depreciating by 18 paisas against the dollar.

Currency experts said the local unit has lost Rs25.72 against the dollar in the last seven months.

Separately, the State Bank of Pakistan (SBP) said the foreign exchange reserves held by the central bank rose 16.6%. On Dec 3, the foreign reserves of the SBP were recorded at $18,658.2 million, up $2,648 million, compared with $16,010.3 million on Nov 26.

Also Read: Policy rate on pension, other savings raised following SBP orders 

The increase in the reserves was witnessed due to $3 billion Saudi inflow.

Last week, the kingdom deposited $3 billion with the SBP under a support package to shore up the country’s foreign reserves.