PKR experiences slight depreciation against USD in interbank market

The Pakistani rupee experienced slight depreciation against the US dollar, weakening by 0.11% in the interbank market on Monday.

According to the State Bank of Pakistan (SBP), the rupee settled at 279.12, marking a decrease of Re0.32 within the inter-bank market. This follows the rupee's performance during the previous week, when it reversed its recent gains against the US dollar, closing 1.18 rupees or 0.42% lower week-on-week, settling at 278.80 within the interbank market.

One contributing factor to the rupee's dip, as suggested by currency dealers, was the increased demand for the US dollar to facilitate foreign payments.

In the open market, the Pakistani rupee saw a decline against the US dollar on Monday. Currency dealers said that the rupee was selling at 281 and buying at 278.

During the previous week, the PKR lost 3.50 rupees against the USD for both buying and selling, closing at 277.50 and 280.50, respectively.

It's noteworthy that the Pakistani rupee had enjoyed a remarkable 28-session streak of positive performance, one of the lengthiest appreciations in recent times. It had cumulatively strengthened by 10.93% since its record low of 307.1 in the inter-bank market on September 5.