Rupee in free-fall against US dollar in interbank

Islamabad: For the fifth consecutive session, the Pakistani rupee depreciated against the US dollar in the interbank market on Tuesday.

At the end of today’s session, the local currency lost 0.37% or Rs0.82 against the greenback, the State Bank of Pakistan (SBP) said.

Interbank closing #ExchangeRate for todayhttps://t.co/pfyXd3rubG pic.twitter.com/JYtVbY9Umn

— SBP (@StateBank_Pak) October 18, 2022

The free-fall motion in the rupee’s value against the US dollar came after the thirteen-session-winning streak of the local currency.

Rupee’s 13 sessions winning streak ends against US dollar

Since Dar’s arrival at the end of last month, the PKR went on a roll and appreciated for thirteen consecutive sessions, jumping from Rs239.71 on September 22 to Rs217.73 on October 11 against the USD.

However, the US dollar reversed course and continued to inch back toward its high position.

A few other key developments also took place in the meantime–Moody’s downgrading Pakistan’s sovereign credit rating and the long-term deposit ratings of five Pakistani banks–that affected the rupee’s performance against the US dollar.