The Pakistani rupee encountered a difficult day, depreciating against the US Dollar for the tenth consecutive time. The rupee commenced trading at 281 on the interbank market at the start of the day.
At midday, the interbank rate dropped to a minimum of 283 per dollar, and by the afternoon, it had fallen below 284. The range of open market values exhibited variability from 282 to 284.
The value of the rupee depreciated by 0.31 percent by the end of the day, closing at 284.31 paisas per dollar, a loss of 88 paisas.
During the course of the week, the foreign exchange reserves maintained by the central bank experienced a notable escalation of $13.6 million. The data was disclosed by the State Bank of Pakistan (SBP), which ascertained that the nation’s aggregate liquid foreign currency reserves, encompassing net reserves maintained by institutions apart from the SBP, amounted to $12,576.6 billion.
Nevertheless, this amount decreased by $79 million in comparison to the preceding week. Banks maintained net reserves amounting to $5.068.8 billion, reflecting a weekly decline of $92.6 million.
On today’s interbank market, the rupee’s depreciating trend was evident against all major currencies. Achieving a value of 71 paisas against the Australian Dollar (AUD), 23 paisas against the Saudi Riyal (SAR), and a substantial Rs 1.65 against the Euro (EUR) were its losses.
In today’s interbank currency market, it also declined significantly against the British Pound (GBP) and the Canadian Dollar (CAD), both by Rs. 1.88 and Rs. 1.89, respectively.
The present complex circumstances on the currency market underscore the necessity for judicious economic policies and strategic actions to fortify the rupee and bolster the economy.
The participation of the IMF and the result of these dialogues are of considerable significance in relation to the financial stability of Pakistan.