Commerce Reporter
KARACHI: The Pakistani rupee maintained its downward trend for the eighth consecutive working day, as it fell by Rs2.10 against the US dollar in the interbank market.
According to the State Bank of Pakistan (SBP), The Pakistani rupee closed at Rs231.92 per dollar, depreciating 0.91 per cent from yesterday’s close.
Meanwhile, the Forex Association of Pakistan (FAP) stated that the banks were selling dollar at Rs 232.45. In the open market, the dollar was being traded at Rs237 to Rs239, the FAP added.
The rupee has cumulatively lost 5.13 percent (or Rs11.22) in interbank market in the past seven successive working days compared to the recorded rate of Rs218.6 on August 1, 2022.
The currency had previously hit an all-time low of Rs239.94 on July 28, 2022.
A day earlier, the US dollar continued its upward trajectory in the exchange market against rupee despite Pakistan receiving a US$1.16 billion loan tranche from the International Monetary Fund (IMF).
The rupee’s battering continued despite the State Bank of Pakistan confirming that Pakistan has received a loan tranche of US$1.16 billion from the IMF.
