US dollar rises further against Pakistani Rupee

US dollar rises further against Pakistani Rupee

The money market remained in a fluid state as dollar gained 6 paisa against Pakistani rupee in the interbank session on Friday.

According to forex dealers, the value of rupee was slumped by 6 paisa pushing up US dollar rate to Rs223.75 in the interbank.

Yesterday, the dollar was closed at Rs223.69.

The fall in the local unit value could be attributed to the forex crunch as the foreign exchange reserves of State Bank of Pakistan have declined by $327 million by week ended November 25, 2022 leaving import cover of only one and a half months.

According to the Pakistan Bureau of Statistics, the import bill of the country stood at $4.71 billion in October 2022 and with the decline in the forex reserves, the SBP has been left to cover only 1 ½ months import payments.