Rupee freefall continues against US dollar

ISLAMABAD: The US dollar continued its upward trajectory in the exchange market against US dollar despite Pakistan receiving a US$1.16 billion loan tranche from the International Monetary Fund (IMF), ARY NEWS reported.

According to forex dealers, the greenback gained Rs0.72 in the interbank to trade at Rs229.90 against rupee while the banks are selling it at Rs230.40.

In open market, the US dollar is being traded between Rs235 to Rs237.

The Pakistani rupee continued to lose ground against the US dollar for the sixth consecutive session, plunging to Rs228.18 interbank trade on Friday.

According to State Bank of Pakistan (SBP), the Pakistani rupee fell by Rs2.76, depreciating 1.21 percent from yesterday’s close of Rs225.42.

Meanwhile, the greenback was being traded at Rs234 to Rs236 in open market, the forex Association of Pakistan (FAP) said.

Interbank closing #ExchangeRate for todayhttps://t.co/XPxvJI8TpO pic.twitter.com/gVkb2yt1ZN

— SBP (@StateBank_Pak) September 9, 2022

The rupee’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.

2/2 This will help improve SBP’s foreign exchange reserves and will also facilitate realization of other planned inflows from multilateral and bilateral sources.

— SBP (@StateBank_Pak) August 31, 2022