Rupee in downward trajectory for third consecutive day

Pakistan’s rupee suffered another loss of five paisas as it closed the trading day at Rs224.16 on Wednesday against the restive US dollar during trading in the interbank market.

Data released by the State Bank of Pakistan (SBP) on Wednesday afternoon showed that the value of rupee slid by 0.02% from Rs224.11 to Rs224.16 during interbank trading.

On Tuesday afternoon, the value of rupee slid by 0.09% from Rs223.91 to Rs224.11 during interbank trading.

However, this depreciation in the rate of rupee came on the back of the delay in formal talks by the global financial institution, International Monetary Fund (IMF), on the overdue ninth review.

Earlier on Monday, the figures released by the State Bank of Pakistan (SBP) showed the value of rupee shedding Rs0.22 from Rs223.69 to Rs223.91 during interbank trading.

Meanwhile, the spot rate of rupee had remained stable on last Thursday and Friday at Rs223.69 in the interbank currency market.

Open market

In the open currency market, the value of rupee increased to Rs232, respectively.

The rate to buy the US dollar also changed to Rs229.27.