Pak rupee continues losing against dollar, plunges by Rs1.17 in interbank

Karachi: The Pakistani rupee continued to depreciate against the US dollar on Wednesday, weakening by Rs1.17 during interbank trade.

Accoridng to the State Bank of Pakistan (SBP), the local currency closed at Rs220.88 with depriciation of 0.53 per cent as compared to yesterday’s close of Rs219.71.

The greenback had managed to make a slight gain against the rupee on Oct 12, breaking its 13-day rally triggered after the announcement of Ishaq Dar’s appointment as finance minister.

The local currency appreciated by almost Rs22, or 10.1pc, against the greenback in those 13 sessions.

However, since the reversal of the trend, the PKR has lost Rs1.92, or 0.88pc, in the last five sessions.

Interbank closing #ExchangeRate for todayhttps://t.co/Bxnqj6yBLq pic.twitter.com/JvzpjfUM1E

— SBP (@StateBank_Pak) October 19, 2022

Accoridng to economic analysists, the rupee has been on declining trend due to continuous erosion of the country’s foreign reserves, dwindling remittances, severe shortage of dollars in the open market and lucrative rates of dollar in the grey market.

It is learnt that the grey market is offering much higher rates between Rs230 to Rs232 per dollar.