US dollar rises further against Pakistani Rupee in interbank market

US dollar rises further against Pakistani Rupee in interbank market

The money market which remained directionless on Wednesday also as the forex dealers were cautious regarding taking positions in the interbank trading showed some signs of brisk activity at noon.

The US dollar which started the day by losing 16 paisas against the Pakistani rupee later recovered the loss and further went ahead with an appreciation of 59 paisas. The greenback at the moment was being traded for Rs222.50.

Yesterday, the US dollar ended the day at Rs221.91 after gaining 22 paisas.

Interbank closing #ExchangeRate link for link link — SBP (@StateBank_Pak) November 15, 2022 link

The PKR is slumping against the dollar due to massive decline in country’s foreign exchange reserves. Pakistan foreign exchange reserves slumped sharply by $956 million by week ended on November 04, 2022 owing to external debt payments, State Bank of Pakistan (SBP) had said.

The major debt retirement includes repayment of government’s commercial loans. Refinancing of these loans is in process, which will improve foreign exchange reserves in coming weeks, the central bank said.

The foreign exchange reserves of the country have been recorded at $13.721 billion by week ended November 04, 2022 as compared to $14.679 billion a week ago i.e. October 28, 2022.

Besides this, the remittances sent by overseas Pakistanis in October were also shrunk by 9% and the remittance inflow was $2.2 billion.