KARACHI: Pakistani rupee on Monday registered a loss for the fifth consecutive session against the US dollar, dropping 0.08 percent in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 225.82 after a fall of Rs0.18 against the greenback. The rupee has depreciated by 21.9% against the US dollar during the ongoing calendar year.
Interbank closing #ExchangeRate for todayhttps://t.co/F01Aqlkoqn pic.twitter.com/fGuujTtLI4
— SBP (@StateBank_Pak) December 26, 2022
During the previous week, rupee again showed stability in the inter-bank market, depreciating just 0.3% to settle at 225.64 against the US dollar. However, with extreme administrative controls in place taking down the number of trades, it was the informal markets stepping in to fill the gap where reports suggest the currency traded in the range of 255-260.
During the week, foreign exchange reserves held by the State Bank of Pakistan (SBP) declined another $584 million to a critical level of $6.12 billion, the lowest since April 2014, underscoring the urgent need for the International Monetary Fund (IMF) program to get back on track.
