Rupee weakens further, loses 11 paisas against US dollar

Greenback sees appreciation to Rs223.92 during trading in interbank
Nov 24, 2022
<p>Photo: SAMAA</p>

Photo: SAMAA

Impending political uncertainty in the country has reflected in the Pakistani rupee, causing it to fall further by 11 paisas against the US dollar during early trading in the interbank market on Thursday.

Data released by the State Bank of Pakistan (SBP) on Thursday afternoon showed a depreciation in the value of rupee 0.05% to Rs223.92 against the greenback.

Following a brief resurgence on Tuesday, the Pakistani rupee retreated against the US dollar during interbank trading on Wednesday, with a depreciation of 39 paisas to Rs223.81 against the greenback.

By contrast, on Tuesday, the interbank market saw the rupee extending gains by 0.11% to rise to Rs223.42, putting an end to the US dollar’s seven-day winning streak.

In November, a streak of modest gains by the rupee against the US dollar was snapped on the last trading day of the second week of November and since then, it has lost around Rs2.81 in its value in the interbank market.

Open market

In the open currency market on Thursday, the value of rupee remain unchanged at Rs231.

However, the rate to buy the US dollar also stayed at Rs228.75.

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