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HomeBusinessRupee falls slightly for 13th session to reach at 227.14

Rupee falls slightly for 13th session to reach at 227.14

The rupee fell slightly versus the US dollar, down 0.01 percent on Friday in the inter-bank market.

For the thirteenth session in a row, the local currency has been showing depreciation against the greenback.

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The rupee fell by Rs0.02, according to the State Bank of Pakistan (SBP), to end the day at 227.14.

The rupee lost value against the US dollar on Thursday for the eleventh straight session falling Rs0.17 or 0.07 percent to close at 227.12.

Data released on Thursday indicated that the SBP’s foreign exchange reserves dropped by another $245 million to a critically low level of $5.58 billion. Since April 2014, SBP-held reserves have never been this low.

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Policymakers in Pakistan are trying to get cash due to declining foreign exchange reserves and growing concerns over the nation’s capacity to pay its debts and finance imports.

The US dollar index had increased overnight by 0.9 percent to a nearly one-month high of 105.27 when measured against a basket of currencies.

On Friday the oil prices increased little in anticipation of a pickup in Chinese demand but the overall prognosis for the world economy maintained crude benchmarks on a downward trend for the week.

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