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KARACHI: The Pakistani rupee on Wednesday registered significant losses against the US dollar, depreciating 1.16% in the interbank.
As per the State Bank of Pakistan (SBP), the rupee settled at 280.29 after a decrease of Rs3.26 in the inter-bank market.
On Tuesday, the rupee ended its 28-session appreciation run, as the currency depreciated 0.07% to settle at 277.03.
Interbank closing #ExchangeRate for todayhttps://t.co/MaQrBcTLrz#SBPExchangeRate pic.twitter.com/vzQmy6TCsN
— SBP (@StateBank_Pak) October 18, 2023
The decline comes amid “higher demand for the dollars to make upcoming foreign payments,” said Tresmark Finance in a note.
The local currency has endured one of the longest appreciation runs since reaching a record low of 307.1 on the interbank market on September 5.
The unusual rise was largely the result of curbs on the Exchange Companies (ECs) industry and a crackdown on illegal activity.
The central bank has tightened its enforcement of exchange company regulations. Nine exchange organizations’ authorizations have had their privileges canceled in the past month due to major infractions.
