Rupee slides further against US dollar; reaches Rs229.82 in interbank market

Islamabad: The freefall of the Pakistani rupee continued on Friday, as well, as it further lost Rs1.64 against the US dollar in the interbank market.

At the end of today’s session, the Pakistani rupee depreciated 0.71% to close at Rs229.82 against the greenback, the State Bank said.

Interbank closing #ExchangeRate for todayhttps://t.co/V2nogjMqcl pic.twitter.com/yjpZbT1Cqa

— SBP (@StateBank_Pak) September 12, 2022

During the last seven sessions, including today, the local currency depreciated by Rs10.84 against the USD.

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The depreciation was mainly attributed to expectations that Pakistan’s import bill would increase in the wake of devastating floods that have destroyed a considerable portion of crops, as well as the dollar’s global strength. However, many analysts also believe that other reasons are at play, including speculation and demand for foreign currency in the open market.