BusinessDevaluation of The Pakistani Rupee Against US Dollar

Devaluation of The Pakistani Rupee Against US Dollar

KARACHI: The devaluation of the Pakistani rupee in the interbank sustained on Monday after it fell to a record low in the interbank against the US dollar, ARY NEWS reported.

Rendering to forex dealers, the US dollar rose by Rs1.65 in the interbank to trade at Rs204. In the open market, the dealers said that it traded between Rs 204 and Rs 207.

The Pakistani rupee prolonged its descending tendency in contradiction of the US dollar in the interbank market on Friday.

Permitting to forex dealers, the local unit depreciated by 1.73 rupees against the greenback in the interbank market to trade at Rs 202.50 at 12:10 pm. The US dollar is being sold at over Rs206 in the open market, they said.

SBP Reserves:

The State Bank of Pakistan (SBP) on Thursday public that:

The liquid foreign reserves in Pakistan have decayed by over $590 million.

During the week ended on June 3, ARY News reported.

According to particulars shared by the SBP, the total liquid foreign reserves held by the country stood at $ 15.17 billion on June 3.

Sharing a break-up of the foreign reserves position, the central bank said that:

The reserves held by the State Bank of Pakistan stand at US$9.22 billion.

While commercial banks also have reserves of US$5.95 billion.

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