Pakistani rupee continues to slide against US dollar

Karachi: The Pakistani rupee continued to lose ground and fell to Rs176.75 against the US dollar in the inter-bank market on Tuesday following a fresh depreciation of Rs0.24 (or 0.14%).

The US dollar kicked off the year 2022 with an increase in the value against the Pakistani rupee in the interbank market, the first trading day after the bank holidays.

According to the data shared by the State Bank of Pakistan, the local currency depreciated by 0.14% and traded at Rs176.75. It recorded a decrease of 24 paisas.

The rupee closed 2021 at Rs176.51 against the greenback.

Interbank closing #ExchangeRate for today: https://t.co/4Mj68aVpZ7 pic.twitter.com/JLuJb8XK4l

— SBP (@StateBank_Pak) January 4, 2022

The rupee has maintained the downtrend for the past seven months. It has lost 16.07% (or Rs24.48) to date, compared to the 22-month high of Rs152.27 recorded in May 2021.

With a fresh rise of 0.14%, the rupee has depreciated by 12.19% (or Rs19.21) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.