KARACHI: Pakistan’s rupee on Thursday registered a marginal decline for the seventh consecutive session against the US dollar, depreciating 0.03% in the interbank.
As per the State Bank of Pakistan (SBP), the rupee closed at 220.95 after depreciating Rs0.07. The rupee has cumulatively depreciated Rs3.16 or 1.43% in the last seven sessions.
Interbank closing #ExchangeRate for todayhttps://t.co/TXNd1u9F2z pic.twitter.com/vhnQTwjztU
— SBP (@StateBank_Pak) October 20, 2022
On Wednesday, rupee had registered a decline for the sixth straight session against the US dollar and closed at 220.88 after depreciating Rs1.17.
As per market experts, weakness in the local currency is driven by dwindling reserves and uncertainty regarding inflow commitments.
Ishaq Dar, the finance minister of Pakistan, stated that the rupee was undervalued and that it could soon recover to Rs200 per dollar, which is “its real value,” while speaking to the media following the “All Pakistan Chartered Accountants Conference 2022 on Sustainability, Technology and Transformation in Islamabad”.
I can guarantee you that we have a sufficient amount of foreign exchange reserves, and they won’t cause any issues for the nation, he said.
