ISLAMABAD: Depreciation of the Pakistani rupee continued for the 10th consecutive session as on Friday, the local currency lost 88 paisa against the US dollar in the inter-bank to settle at Rs284.31, against Rs 283.43 last day, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/6d8DAW2nWg#SBPExchangeRate pic.twitter.com/kbazNtev9d
— SBP (@StateBank_Pak) November 3, 2023
Meanwhile, the Pakistani rupee received the same treatment in the open market and went slightly down to trade in the range of Rs 285 for selling and 282 for buying.
Meanwhile, the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) slightly went up by $14 million on a weekly basis to settle at $7.5 billion as of October 27, as per the data released on Thursday.
Deprecation of Pakistani Rupee
After a continued appreciation for the 28th consecutive session in September and October, the local currency has started depreciating for the last 10 working days. From September 6 till the last week of October, the local currency registered a strong recovery and appreciated by over Rs 35 in the interbank and over 55 in the open market.
However, during the last 10 days, the Pakistani rupee moved to the other side and depreciated by Over Rs 5 both in the open market and interbank. On September 5, this year, the Pakistani rupee recorded the lowest value against the American dollar at over Rs307 in the interbank and over Rs330 in the open market.
