Dollar continues to rise against rupee, further gains Rs1.66 in interbank

KARACHI – Pakistani rupee continues to remain under pressure against the dollar in interbank and the local currency on Friday recorded the sixth straight loss, moving down by 0.58 percent.

Data shared by the State Bank of Pakistan (SBP) shows that during intra-day trading, Rupee lost Rs1.66 against the greenback and the high-flying currency settled at Rs286.81.

Earlier in the day, USD plunged slightly but gained momentum in noon.

Interbank closing #ExchangeRate for todayhttps://t.co/PMrUjl22FS#SBPExchangeRate pic.twitter.com/Fj8mJS9mH6

— SBP (@StateBank_Pak) July 21, 2023

Meanwhile, in the open market, USD moved up by Rs2 and hovered at Rs290.

Earlier in the week, the local currency registered losses against the dollar back to back.

The rupee is still struggling despite the country’s foreign exchange reserves improved clocking in at nearly $8.73 billion.

Pakistan’s forex reserves strengthen as China rolls over another $600mn loan