US dollar continues losing streak against rupee in interbank

KARACHI: The United States (US) dollar on Tuesday maintained its losing streak after it was depreciated by 0.23 percent in the interbank against the rupee, ARY NEWS reported.

According to the details shared by the State Bank of Pakistan (SBP), the US dollar traded at Rs174.89 at the end of the day, shedding 0.40 paisas in the interbank.

The greenback closed at Rs175.29 in the interbank on Monday.

Interbank closing #ExchangeRate for today:https://t.co/hJTSKiLxIW pic.twitter.com/UjOioBTipZ

— SBP (@StateBank_Pak) November 16, 2021

On Monday, the US dollar depreciated Rs.1.43 paisas against the Pakistani rupee in the early interbank trading.

On Sunday, Adviser to Prime Minister on Finance, Shaukat Tarin had held ‘satta mafia‘ involved in the depreciation of the rupee as the greenback being smuggled to Afghanistan. He announced that the government was going to tighten the noose around the mafia.

The local currency started recovering from its steep fall against the US dollar on Oct 27, after the government announced Saudi Arabia’s financial support of up to $4.2 billion, raising the central bank’s foreign exchange reserves and boosting the sentiments of the currency market.

A week later, however, the rupee snapped its winning streak and began reversing gains.

It is pertinent to mention here that the Kingdom deposited $3 billion with the central bank and extended $1.2 billion of trade finance to support the country’s balance of payments.