PKR continues free fall against USD for ninth consecutive day

KARACHI: The Pakistani rupee (PKR) on Wednesday continued its losing streak against the US Dollar for the ninth consecutive working day, falling by Rs2.40 in the interbank market, ARY News reported.

According to the State Bank of Pakistan (SBP), The Pakistani rupee closed at Rs234.32 per dollar.

Meanwhile, the Forex Association of Pakistan (FAP) stated that the banks were selling dollars at Rs232.45. While, in the open market, the dollar was being traded at Rs238 to Rs240, the FAP added.

Until tomorrow, the rupee lost its value by 5.13% (or Rs11.22) in the interbank market in the past seven successive working days compared to the recorded rate of Rs218.6 on August 1, 2022. The currency had previously hit an all-time low of Rs239.94 on July 28, 2022.

A day earlier, the US dollar continued its upward trajectory in the exchange market against the rupee despite Pakistan receiving a US$1.16 billion loan tranche from the International Monetary Fund (IMF).

Also Read: Rupee extends losses, falls to Rs231.92 per dollar in interbank

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 IMF.

However, the Pakistan Stock Exchange 100 index witnessed a bullish trend and gained 55 points to trade at 42,056 points.