The Pakistani rupee kept losing its value against the US dollar in theinterbank. According to the money dealers, during trading activity onMonday after a break of two days, the American currency seemed to glideconfidently pushing down Pakistani rupee.
During morning activity, the dollar was up by 11 paisas and traded forRs221.75. However, as the trading drew towards close, the greenback wasonly five paisas up against the rupee at Rs221.69.
Interbank closing #ExchangeRatelink forlink pic.twitter.com/QqrB6G5Uailink— SBP (@StateBank_Pak) November 14, 2022link
On Friday, the USD was closed at Rs221.64 and the PKR was depreciated by0.10%.
Interbank closing #ExchangeRatelink forlink pic.twitter.com/TwPsimLhDVlink— SBP (@StateBank_Pak) November 11, 2022link
The PKR is slumping against the dollar due to massive decline in country’sforeign exchange reserves.
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Pakistan foreign exchange reserves slipped sharply by $956 million by weekended on November 04, 2022 owing to external debt payments, State Bank ofPakistan (SBP) said on Thursday.
The major debt retirement includes repayment of government’s commercialloans. Refinancing of these loans is in process, which will improve foreignexchange reserves in coming weeks, the central bank said.
The foreign exchange reserves of the country have been recorded at $13.721billion by week ended November 04, 2022 as compared to $14.679 billion aweek ago i.e. October 28, 2022.
