KARACHI: Pakistani rupee finally ended its seven-session losing streak against the US dollar as it registered an appreciation of 0.11 percent in the interbank market on Tuesday.
As per the State Bank of Pakistan (SBP), the rupee closed at 223.42 after an improvement of Rs0.24.
Interbank closing #ExchangeRate for todayhttps://t.co/HicLlFCtbu pic.twitter.com/Wg3rkztbFe
— SBP (@StateBank_Pak) November 22, 2022
On Monday, the rupee had depreciated to settle at 223.66 after a decrease of Rs0.49 or 0.22%.
Recently, the currency has been on a downward trajectory against the greenback amid reports that talks with the International Monetary Fund (IMF) have been further delayed as the lender wants to first finalize the macroeconomic framework and then send its mission to Pakistan.
Moreover, net foreign direct investment (FDI) in Pakistan plunged 62 percent to $95 million in October 2022, compared to $247.3 million recorded in the same month last year, revealed State Bank of Pakistan (SBP) data on Monday.
During July-October FY23, FDI inflows were $514.5 million against outflow of $166.2 million.
The amount of Net FDI from July through October of the prior fiscal year was $726.5 million, a decrease of $378.2 million.
Net FDI for the month of October was $94.9 million, a 62% decline from the $247.3 million in net FDI for the same month last year.
FDI increased by 13% month over month compared to the $84 million recorded in September.
