The weak Pakistani rupee, which has been suffering from the aggressive US dollar for the fifteenth consecutive trading sessions, registered further loss on Thursday in interbank trade.
In intraday trade on the interbank market, the rupee lost 0.10 in value from the previous session’s close of 239.65 to reach a record high of 239.75.
Interbank closing #ExchangeRate for todayhttps://t.co/EUQu8CS6H9 pic.twitter.com/OYa9xRImkK
— SBP (@StateBank_Pak) September 21, 2022
Pakistan rupee on Wednesday depreciated by 74 paisa against the US dollar in interbank trading and closed at Rs 239.65.
According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 242.5 and Rs 244.8 respectively.
The price of Euro decreased by Rs 1.73 and closed at Rs 237.34 against the last day’s closing of Rs 239.07.
The Japanese Yen remained unchanged to close at Rs1.66, whereas a decrease of Rs 1.45 was witnessed in the exchange rate of the British Pound, which was traded at Rs 271.73 as compared to its last closing of Rs 273.18
The exchange rates of Emirates Dirham and Saudi Riyal increased by 19 paisa each to close at Rs 65.24 and Rs 63.72 respectively.
An emerging markets analyst said that the delay in inflows of promised funds from Gulf Cooperation Council (GCC) countries had impacted the rupee.
Conversely, a month ago, the local currency won the title of the best-performing currency in emerging markets in August 2022. The IMF approval of the loan tranche of $1.16 billion had also supported the currency’s stabilisation, the analyst said.
Experts said the rupee is weakening mainly due to the dollar strengthening against world currencies as the Fed hinted at increasing interest rate by 0.75% in the forthcoming monetary policy of the US.