KARACHI: After plunging to a record low last week, the Pakistani rupee on Monday continued to sustain heavy losses against the US dollar in the interbank, depreciating by another Rs7.03 to close at Rs269.63.
As per the State Bank of Pakistan (SBP), the currency fell Rs7.03 or 2.61% against the US dollar.
Interbank closing #ExchangeRate for todayhttps://t.co/0oJFZSWYth pic.twitter.com/tmmktgx7A2
— SBP (@StateBank_Pak) January 30, 2023
On Friday, Pakistan’s rupee had witnessed significant depreciation as well, settling at 262.6 after a fall of Rs7.17 or 2.73%.
Ishaq Dar, the finance minister, announced on Sunday a 35-rupee rise in the price of gasoline and diesel as the government attempted to pass along the effects of the sharp decline in the rupee. Kerosene and light diesel oil rates were also raised by Rs 18 each. On Sunday, the new prices went into effect.
Separately, the SBP refuted claims made on Sunday that restricting the price of the dollar resulted in a $3 billion loss in exports and remittances.
During the previous week, the rupee depreciated 12.5%, but the bulk of the fall came in the last two sessions – on Thursday and Friday – as the currency was finally let off the hook against the US dollar in the inter-bank market.
Monday’s fall takes combined depreciation across just three sessions to over 14%.
