Pak rupee further weakens against dollar, closes at Rs221.91

Karachi: The Pakistani rupee continued losing its value against the US dollar for the third consecutive session in the interbank market on Tuesday.

The local unit eased by Rs0.22 or 0.10% versus the dollar to close at 221.91 compared to Monday’s close of 221.69, the State Bank of Pakistan (SBP) data showed.

In the open market, the rupee maintained Monday's vlaue at Rs227.75.

The local currency witnessed depreciation to falling foreign exchange reserves amid rising imports, increase in demand for the greenback from importers.

Interbank closing #ExchangeRate for todayhttps://t.co/o4tZuTWJVd pic.twitter.com/ayVWEYAp0M

— SBP (@StateBank_Pak) November 15, 2022

“Rising dollar demand, foreign funding drought, increase in country’s default risk, and political ferment weighed on the rupee,” said a currency dealer.

Dealers expect the rupee to remain range-bound in the coming sessions, depending on the demand and supply of the dollars in the market.

As of November 4, the forex reserves held by the SBP fell by $956 million.