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KARACHI: Pakistani rupee on Monday registered minor losses against the US dollar, depreciating 0.10 percent in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 223.91 after a decrease of Rs0.22.
Interbank closing #ExchangeRate for todayhttps://t.co/L0gJkDW0xg pic.twitter.com/hQLP9n1UdR
— SBP (@StateBank_Pak) December 5, 2022
During the previous week, the rupee witnessed one of its most stable periods in recent times, appreciating 0.11% in the inter-bank market across the five sessions to settle at 223.95 against the US dollar.
However, concerns over unregulated exchange rates increased as experts claimed that widespread smuggling and the existence of a black market were undermining Pakistan’s attempts to reduce exchange rate volatility.
Many people also think that the higher rates seen in “black” or illicit marketplaces encouraged people to send money back home using unofficial means.
Fundamentally, the currency was still under pressure as a wider trade deficit was reported, primarily because imports had increased, and remittances were expected to be insufficient to make up the difference when data was released later this month.
