KARACHI – Interbank market for the Pakistani rupee saw a small decline of 0.11% against the US dollar on Monday.
The rupee decreased by Re0.32 in the interbank market to close at Rs279.12, according to the State Bank of Pakistan (SBP).Â
https://twitter.com/StateBank_Pak/status/1716412378450173970/photo/1
This comes after the rupee’s performance the previous week, when it is reversing recent gains against the US dollar, finishing at 278.80 in the interbank market, concluding at 1.18 rupees, or 0.42% down week-over-week.
Currency traders claim that the rise in demand for the US dollar to enable international payments was one cause in the rupee’s decline.
Pakistani rupee lost ground to the US dollar on the open market aswell. According to currency brokers, the rupee was trading at 281 and being purchased at 278.
For both purchasing and selling over the previous week, the PKR lost 3.50 rupees against the USD, finishing at 277.50 and 280.50, respectively.
It’s important to remember that the Pakistani rupee had a spectacular 28-session winning streak, one of the longest gains in the recent past. Since its interbank market record low of 307.1 on September 5, it has grown by a total of 10.93%.
Pakistani rupee slips against US dollar, Euro, Pound and other currencies
