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HomeBusinessRupee’s consecutive 9th decline on final working day of year

Rupee’s consecutive 9th decline on final working day of year

Rupee dropped by Rs0.02 or 0.01 percent against dollar to settle at 226.43, State Bank of Pakistan

The Pakistani rupee has slightly declined against the US dollar at the close of the final trading day of the year 2022 marking the ninth straight session of declines in the interbank market.

According to the State Bank of Pakistan (SBP) the rupee dropped by Rs0.02 or 0.01 percent versus the dollar to settle at 226.43.

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Nearly the course of the calendar year, the rupee lost over 22 percent of its value versus the US dollar during the year.

The rupee lost value against the US dollar on Thursday for the eighth consecutive day falling Rs0.04  or 0.02 percent to close at 226.41.

Data on Thursday indicated that the SBP’s foreign exchange reserves dropped by another $294 million to a critically low level of $5.82 billion. Since April 2014 SBP-held reserves have never been this low.

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The nation’s total holdings of liquid foreign exchange were $11.71 billion as there were $5.89 billion in net foreign reserves held by commercial banks.

Economists, concerned about the declining foreign exchange reserves, have pushed the government to restart the International Monetary Fund (IMF) halted the program in an effort to gain more cash.

Globally the dollar was on course for its best day in seven years on Friday as a result of the aggressive monetary policy tightening by the Federal Reserve and worries about the future of the global economy.

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