Rupee resumed its downward trajectory beside the US dollar as the local unit shed another 61 paisa in the interbank trading.
Rendering to the foreign exchange dealers, the value of US dollar valued by 61 paisa showing its intrabank trading rate at Rs219.50 throughout the morning trading activity by 11am today.
Yesterday, the American currency increased 46 paisa and settled at PKR 218.89.
Interbank closing #ExchangeRate for todayhttps://t.co/F0H8TxTY27 pic.twitter.com/j9KWtyy9GM
— SBP (@StateBank_Pak) October 17, 2022
Through last five trading sessions, the US dollar has gone up by Rs1.75.
The financial experts said that burden seen on the Pakistani rupee. Due to external repayment of commercial borrowing and import bills.
Also these, melting foreign exchange reserves, political noise and bleak macros are factors behind the recent fall of the rupee.
State Bank’s foreign exchange reserves fallen $303 million to a three-year low of $7.597 billion on the week ended on Oct 7, 2022, according to the SBP.
Total liquid foreign #reserves held by the country stood at US$ 13.25 billion as of October 07, 2022. For details: https://t.co/WpSgomnKT3 pic.twitter.com/QpW5otB7rj
— SBP (@StateBank_Pak) October 13, 2022
The country has also seen a 12 per cent decline. In the year-on-year remittances in September adding to the low reserves woes.
Read Also: The rise in value of US dollar today
Additional factor which attributed to the negative sentiment in the market was Moody’s rating. The international agency reduced the rating of Pakistan’s five commercial banks last month whereas maintaining a negative outlook for the country.