US dollar slides as Pakistani rupee makes sharp recovery

KARACHI: The United States (US) dollar continued to fall against the Pakistani rupee in the interbank market for the 8th consecutive day on Thursday.

According to the data shared by the State Bank of Pakistan (SBP), the greenback closed at Rs175.52 against the domestic currency, showing depreciation of 89 paisas over the previous close of Rs176.41.

Interbank closing #ExchangeRate for today: https://t.co/0wOjMmWDHU pic.twitter.com/HDR2Yuqdnj

— SBP (@StateBank_Pak) February 3, 2022

Also Read: IMF loan tranche will bring stability to economy: Shaukat Tarin

The Pakistani Rupee declined by almost 12 per cent last year. The dollar flight continued despite multiple measures taken by the State Bank of Pakistan (SBP) to stabilise the exchange rate.

The Federal Investigation Agency (FIA) is also continuously clamping down on hoarders and smugglers to restrict the outflow of the dollar in a bid to ease its demand.

Also Read: IMF okays $1bn loan tranche for Pakistan