KARACHI: Pakistani rupee on Tuesday registered losses for the third consecutive session, depreciating 0.10 percent against the US dollar in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 221.91 after a depreciation of Rs0.22.
Interbank closing #ExchangeRate for todayhttps://t.co/o4tZuTWJVd pic.twitter.com/ayVWEYAp0M
— SBP (@StateBank_Pak) November 15, 2022
On Monday, the rupee had registered a marginal decline, settling at 221.69 after a depreciation of Rs0.05 or 0.02% against the US dollar.
Experts have attributed the devaluation of the rupee to declining foreign exchange reserves and a rising import bill.
In a key development, Governor State Bank of Pakistan (SBP) Jameel Ahmad said on Monday that the central bank has sufficient stocks of foreign exchange reserves and Letter of Credits (LC) cases up to 100,000 will be cleared by end of this week.
Speaking to the press on the sidelines of a ceremony at the Institute of Business Administration (IBA), Mr Ahmad said there’s no reason to worry about a shortage of foreign exchange liquidity. “Our reserves are over $7.9 billion. They’re more than sufficient to meet any obligations,” the governor said.
Foreign exchange reserves of the SBP dropped $956 million during the week ending on Nov 4 because of external debt servicing, including a $500m commercial loan repayment to China.
