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KARACHI: PKR on Monday continued its losing streak against the US dollar in the interbank as dollar was trading at almost 237 in early hours of trade.
Around 10:30 am, the rupee was trading at 236.96, after depreciating Rs0.12 or 0.05% against the US dollar.
The rupee declined in value in each of the previous week’s five sessions, falling a total of 3.7% to conclude at 236.84, perilously near to its all-time lowest level of 239.94 in the interbank market.
The disastrous week meant the rupee has not gained in value for 11 sessions against the US dollar and takes the currency’s cumulative depreciation to 7.7% since September 1.
The decline can be ascribed to a number of things, including the severe floods and predictions of a larger import cost in the upcoming months due to an increase in food import shipments. Moreover, the rupee was under pressure due to a rising dollar globally.
The State Bank of Pakistan (SBP) reported on Sunday that the Saudi Fund for Development (SFD) had confirmed the rollover for a year of $3 billion in deposits that were due on December 5, 2022.
