Rupee extends losses against dollar, falls by Rs1.56 in interbank

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

According to the State Bank of Pakistan (SBP), the local currency closed at Rs235.88, depreciating 0.66 percent from yesterday’s close.

The Forex Association of Pakistan (FAP) stated that the banks were selling dollar at Rs236.35. Meanwhile, the dollar was available at Rs239 to Rs241 in the open market, the FAP added.

In the last nine consecutive trading sessions, the Pakistani rupee fell by 6.9 percent, or Rs15.77, against the greenback.

A day earlier, the local currency continued its losing streak against the US Dollar for the ninth consecutive working day, falling by Rs2.40 in the interbank market.

Interbank closing #ExchangeRate for todayhttps://t.co/oljypMr1lM pic.twitter.com/oWAG4cAoyx

— SBP (@StateBank_Pak) September 14, 2022

According to the State Bank of Pakistan (SBP), the local currency closed at Rs234.32 per dollar.

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 International Monetary Fund (IMF).