Pakistani Rupee’s Continuous Decline Against US Dollar Raises Concerns
On Monday, the Pakistani Rupee faced a setback for the third consecutive session against the US Dollar, closing the trading day at Rs285.64 after a 27-paisa drop. The American dollar observed a 0.09% increase in value in the interbank market.
The day commenced with the currency trading at Rs285.43 against the US Dollar, experiencing a marginal decrease of 6 paisas, translating to a 0.02% depreciation. Notably, on Friday, the Pakistani Rupee had appreciated by 27 paisas against the US dollar in the interbank market.
As of Monday’s close, the Greenback is being traded at Rs285, reflecting a 0.05% decline in the interbank market. The local unit concluded the day at Rs285.27, marking a decrease of 66 paisas.
In contrast, the stock market continued its robust November rally, with the KSE 100-index making substantial gains. It started the week on a positive note, gaining 322 points and reaching a new milestone of 59,222 points on the last business day of the week.
However, Pakistan’s foreign exchange reserves witnessed a decline, with the State Bank of Pakistan (SBP) reporting a weekly decrease of $217 million as of November 17. The total reserves stood at $7.2 billion, while the country’s liquid foreign reserves, including net reserves held by commercial banks, amounted to $12.3 billion.
