Rupee drops 25 paisa as US dollar strikes back
Business
Dollar at open market declined by 50 paisa and was traded at Rs208.50.
KARACHI (Dunya News) – The Pakistani rupee on Friday lost 25 paisa against the US dollar in the interbank market to close at 207.48.
The dollar closed at Rs207.48, after appreciating by 25 paisa against Thursday’s high of Rs207.23.
Meanwhile, dollar at open market declined by 50 paisa and was traded at Rs208.50. In the last two months, the greenback has gained over Rs28.55.
On Thursday, the rupee snapped its losing streak against the US dollar, gaining Rs4.70 in the interbank market a day after it was reported that the government secured the much-anticipated deal with the International Monetary Fund (IMF).
According to details, the dollar closed Rs207.23, against Wednesday’s record high of Rs211.93.In open market, local currency also gain Rs4 against the greenback, which was being traded around Rs209.
The development comes after weeks of persistent declines in the rupee’s value, which has been largely attributed to the country’s rising import bill and depleting foreign exchange reserves.
Earlier today, foreign exchange reserves of the State Bank of Pakistan (SBP) plunged to lowest level since 2019 by almost $748 million during the week ended on June 17.
Sharing a break-up of the foreign reserves position, the central bank said that the reserves held by the State Bank of Pakistan stand at $8,237.7 million.
According to details shared by the central bank, the overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14,210.4 million. Net reserves held by banks amounted to $5,972.7 million.
The state bank said the decrease came mainly due to external debt repayments. However, it added that “SBP reserves are expected to increase in coming days on realisation of proceeds of CDB (China Development Bank) loan.”
