Pak rupee plunges by Rs0.05 against dollar in interbank

Karachi: The Pakistani rupee continued to fall against the US dollar on Friday, depreciating 0.02 per cent in the interbank market. The local currency appreciated against the greenback for 13 consecutive sessions.

According to the State Bank of Pakistan (SBP), the rupee closed at 218.43 after depreciating Rs0.05 against the greenback.

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Interbank closing #ExchangeRate for todayhttps://t.co/so7HOyEuNx pic.twitter.com/SQZ382PpBW

— SBP (@StateBank_Pak) October 14, 2022

Following a decline in the foreign exchange reserves, the drop in inflows impacted the market sentiment and encouraged importers to buy US dollars at the prevailing rate before it became expensive.

According to currency experts, the local currency will bound back in days to come.