The Pakistani rupee continues to be dragged by the US dollar for a sixth consecutive day despite assurances from Finance Minister Ishaq Dar that the depreciations were just market fluctuations.
According to data released by the State Bank of Pakistan (SBP) on Wednesday afternoon, the rupee depreciated around 0.53%.
The rupee lost around Rs1.17 against the US dollar as it slid from Tuesday’s value of Rs219.71 to Rs220.88 on Wednesday. Earlier during intraday trading in the interbank market on Wednesday, the rupee continued to lose ground against the US dollar, falling to a value of Rs220.
On Tuesday, the rupee had closed at Rs219.71. Having started the week at Rs218.89, the rupee has thus far lost around Rs1.99 in value and saw its value plummet from Rs218.89 to Rs220.88 in the interbank.
Losing value for sixth consecutive days, the rupee has lost around Rs3.09. The run of losses had snapped an 18-day winning streak of the rupee during which time the rupee had gained around Rs219.92. Having reached a high of Rs239.74 on September 23, 2022, the dollar had sunk to Rs217.79 before rebounding.