Pakistani rupee stumbles against USD

Karachi: The Pakistani rupee on Monday experienced a decline against the United States dollar (USD), closing at Rs287.09, as reported by the State Bank of Pakistan (SBP).

The State Bank of Pakistan stated that the local currency has lost Rs2.44 against the USD in the interbank market. The previous day, on April 7, the rupee had closed at Rs284.65 in the interbank market.

Interbank closing #ExchangeRate for todayhttps://t.co/ubh1tFDBEu pic.twitter.com/bSZt3BFlqk

— SBP (@StateBank_Pak) April 10, 2023

The Forex Association of Pakistan (FAP) recorded the selling rate of the USD in the open market at Rs294.

The Pakistani rupee had earlier appreciated against the US dollar, gaining Rs3.43 in the interbank market after consecutive losses.

The local currency had closed at Rs284.42 in the interbank market after gaining Rs3.43 against the greenback. On April 5, the rupee had closed at Rs287.85 per US dollar, and the USD was trading at over Rs293 in the open market.