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KARACHI: Pakistani rupee on Tuesday depreciated for the fifth straight session against the US dollar in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 219.71 after depreciating Re0.82 or 0.37%. The rupee has cumulatively depreciated Rs1.92 or 0.87% in the last five trading sessions.
The local unit had finished Rs218.89 against the US dollar yesterday.
Interbank closing #ExchangeRate for todayhttps://t.co/pfyXd3rubG pic.twitter.com/JYtVbY9Umn
— SBP (@StateBank_Pak) October 18, 2022
In open market, the United States Dollar is sold between Rs223 to Rs226, said forex dealers.
After witnessing an appreciation run since the last week of September, amid a shift in sentiment driven by Ishaq Dar’s appointment as the finance minister, the rupee is now reverting to its old ways amid dwindling foreign exchange reserves and the Dar euphoria seems to be tapering off.
The finance minister, in a recent interview with Reuters, had said that the “true value” of the rupee was at a level under 200 to the dollar. “I am for a stable currency; I am for a realistic rate. I am for market-based, but not subject to a currency being taken hostage” and making speculators billions of dollars,” he added.
