Follow Us on Google News
KARACHI: The Pakistani rupee 11-day winning streak ended on Wednesday as the local currency fell by Rs0.98 against the US dollar in the interbank market.
Interbank closing #ExchangeRate for todayhttps://t.co/DeViqUYec1 pic.twitter.com/iliEnqrqEy
— SBP (@StateBank_Pak) August 17, 2022
Data shared by the State Bank of Pakistan (SBP) showed that the rupee closed at 214.88 per dollar, having depreciated 0.46 per cent.
In the open market, the PKR lost 4 rupees for both buying and selling against USD, closing at 215 and 217, respectively.
Against Euro, the PKR lost 5 rupees for both buying and selling, closing at 218 and 220 respectively.
Against UAE Dirham, the PKR lost 1.50 rupees for both buying and selling, closing at 58.70 and 59.20, respectively.
Against Saudi Riyal, the PKR lost 1.20 rupees for both buying and selling, closing at 57.20 and 57.70, respectively.
Data released by the SBP on Tuesday showed the rising trend of remittances reversed in July when a decline of 7.8pc was recorded compared to the same month of the previous fiscal year.
The country received $2.523 billion in July FY23 compared to $2.736bn in July FY22, the SBP reported. The country received over $31bn in remittances in the previous fiscal year, a record high.
The SBP’s data showed that remittances from almost all important destinations, with the exception of the United Kingdom, declined.