KARACHI: The rupee on Friday snapped its 15-session losing streak against the dollar after a slight gain of Rs0.71 during intra-day trading.
The rupee gained Rs0.71 to reach 239, up in value from the previous session’s close of 239.71 — just 0.23 short of an all-time low.
On Thursday, Pakistan’s rupee remained largely stable, falling only marginally against the US dollar to settle at 239.71 after declining by Rs0.06 or 0.03% in the inter-bank market.
Pakistan has been frantically seeking dollar inflows to meet its balance-of-payments needs as the outflow of dollars have put the local currency under tremendous strain.
The rupee experienced its worst monthly performance in July in more than 50 years due to significant pressure on the currency market brought on by a dearth of reserves. Since the investment anticipated from friendly nations has not yet materialized, the local currency is currently hovering close to its all-time low.
Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $278 million to $8.35 billion as of September 16, 2022, SBP data showed on Thursday.
According to the Central Bank, total liquid foreign reserves held by the country stood at $14.07 billion. Net foreign reserves held by commercial banks amounted to $5.72 billion.
It said that during the week ended on September 16, the SBP reserves decreased by US$ 278 million to US$ 8,346.4 million due to external debt repayment.
