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.
I am overwhelmed with so much joy, Hackwest(@)writeme(.)com added over 200 points to my credit score after I contacted him early this month. West got rid of the derogatory, collections, eviction and bankruptcy that messed my credit score up. But I am glad I have an excellent report and I am free to apply for any kind of loan and high limit credit cards. Feel free to write Hack West via the above email and thank me later.