KARACHI: Pakistani rupee on Monday registered a loss for the sixth consecutive session, depreciating 0.11 percent in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 224.65 after a decrease of Rs0.15. The rupee has depreciated by 21.45% against the US dollar in the ongoing calendar year.
Interbank closing #ExchangeRate for todayhttps://t.co/FFeoO9ymPl pic.twitter.com/V6OS8Cw9vB
— SBP (@StateBank_Pak) December 12, 2022
During the previous week, the rupee had registered minor depreciation across all five sessions to end with a cumulative fall of 0.32% against the US dollar in the interbank market.
Concerns have grown concerning the concurrent existence of a ‘black’ or ‘informal’ market where deals have occurred at above Rs240 to the US dollar.
As Pakistan struggles with a lack of foreign currency reserves, those looking for the US dollar are being forced to pay higher “premiums” to rates currently dominating the interbank market.
According to the most recent information made public on Thursday, SBP-held foreign exchange reserves have fallen by $784 million to $6.715 billion.
