Rupee sheds value against US dollar after days of gains

KARACHI: After getting strengthened following success of no-trust move and election of Shehbaz Sharif as prime minister, the Pakistani rupee on Monday shed its value against US dollar in the interbank, ARY NEWS reported.

According to details, the rupee shed Rs0.99 against US dollar with the latter trading at Rs182.54 in the interbank.

In open market, the forex dealers said the greenback was trading at Rs183 against the rupee.

At the end of the last week, the Pakistani rupee continued its upward march against the United States (US) dollar in the interbank market on Friday.

According to foreign currency dealers, the greenback traded at Rs181.50 after depreciating 0.19 paisa against the local currency in early trade on Friday.

In open market, however, the US dollar is trading at over Rs182.

Interbank closing #ExchangeRate for todayhttps://t.co/wi7j7n1cuT pic.twitter.com/rU81yRN9pj

— SBP (@StateBank_Pak) April 16, 2022

Meanwhile, the State Bank of Pakistan’s (SBP) foreign exchange reserves dipped by $470 million to $10.849 billion during the week that ended on April 8, data released by the central bank showed on Thursday.

The total liquid foreign reserves held by the country, including net reserves of commercial banks, stood at $17.028 billion as of April 8.