Pakistani rupee ended the session unchanged against the US dollar in the interbank market on Monday.
As per the State Bank of Pakistan (SBP), the rupee closed at Rs224.94. The rupee has depreciated by 21.57% against the US dollar during the ongoing calendar year.
Interbank closing #ExchangeRate for todayhttps://t.co/8qyBEi2fLJ pic.twitter.com/luq9x5VxV6
— SBP (@StateBank_Pak) December 19, 2022
During the previous week, the rupee depreciated only 0.24% in the interbank market, according to SBP data, but the simultaneous prevalence of a ‘black market’ and US dollar’s reported shortage with Exchange Companies (ECs) emerged a source of worry for customers and policymakers in the past week.
The rupee ended the day at 224.94 vs the US dollar on the interbank market as the SBP’s foreign exchange holdings remained at a four-year low of $6.7 billion.
A smaller current account deficit, which was reported to have decreased to $0.28 billion in November 2022, may provide some comfort to the market. However, the rupee is anticipated to remain under pressure due to Pakistan’s inability to secure dollar inflows, the US Federal Reserve’s tightening attitude, and the impasse in its negotiations with the International Monetary Fund (IMF).
