KARACHI: The Pakistani rupee on Friday hit a new low against the US dollar, depreciating 0.26% to close at Rs301 in the interbank market.
At close, the rupee settled at 301, a decrease of Rs0.78 or 0.26%, as per the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/xCR6VJ7vBa#SBPExchangeRate pic.twitter.com/1fBMOrsMOs
— SBP (@StateBank_Pak) August 25, 2023
On Thursday, the rupee had closed at a record low against the US dollar, as it settled at 300.22.
In a key development, foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $125 million on a weekly basis, clocking in at $7.93 billion as of August 18, data released on Thursday showed.
Total liquid foreign reserves held by the country stood at $13.25 billion. Net foreign reserves held by commercial banks stood at $5.32 billion.
The central bank cited debt repayments as the reason for the decrease in the foreign currency reserves.
