PKR continues slide against USD for sixth consecutive session

As per SBP, the local unit settled at 280.95, reflecting a decrease of Re0.38 in interbank

The Pakistani rupee showed a consistent trend of depreciation against the US dollar, marking the sixth consecutive session of losses in the inter-bank market on Monday.

According to data shared by the State Bank of Pakistan (SBP), the rupee settled at 280.95, reflecting a decrease of Re0.38.

During the previous week, the rupee experienced a decline of 0.63% against the US dollar, amounting to a decrease of Rs1.77 in the inter-bank market. The week began at 278.80 and concluded at 280.57.

On the same day, the Pakistani rupee also faced depreciation in the open market. Currency dealers reported exchange rates of 282.5 for selling and 279.5 for buying.

In the previous week, the local currency observed a 1.00 rupee decrease for both buying and selling against the US dollar, eventually closing at 278.50 and 281.50, respectively.

The recent fluctuation comes after a remarkable 28-day winning streak for the Pakistani currency, which concluded on October 17, 2023.

According to a report by Profit, the rupee had fallen to a record low of PKR 307.09 per dollar on September 5. But following a crackdown by agencies on illegal foreign exchange trading and structural reforms introduced by the central bank, the rupee had recovered every day in the interbank market since then. It had gained PKR 30.26 or 9.85% prior to today’s depreciation.

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