ISLAMABAD: Pakistani rupee has lost 1.34 rupees against the US dollar in the interbank market on Monday morning compared to the previous close of Rs220.66 per USD.
According to forex dealers, the US dollar rose by Rs1.34 in the interbank to trade at Rs222 while banks are selling the greenback at Rs222.50. In open market, the US dollar is being traded between Rs229 and Rs231.
Pakistani rupee is under severe pressure due to drying up foreign exchange reserves and declining foreign direct investment which plunged to $59 million in July 2022.
Meanwhile, the demand for dollars in the open market has surged due to the newly enforced law by UAE for Pakistani travelers to have 5,000 dirhams along with a valid work visa and a return ticket.
It is pertinent to note that the foreign exchange reserves held by the central bank fell by $87 million during the week ended on August 19, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Sharing a break-up of the foreign reserves position SBP said that the foreign currency reserves held were recorded at $7.81 billion, down by $87 million compared to $7.89 billion on August 19.
“During the week ended on August 19, 2022, SBP’s reserves decreased by $87 million to $7,809.9 million,” the SBP said in a statement.
Total liquid foreign reserves held by the country stood at $13.52 billion, said the SBP on Thursday. Net foreign reserves held by commercial banks amounted to $5.71 billion. The SBP cited the decline in reserves due to “external debt and other payments”.
