Islamabad: The Pakistani rupee continued its free fall against the US dollar for the sixth consecutive session as it lost more than Rs2.76 on Friday.
At the end of the session, the local currency depreciated by 1.21% to close at Rs228.18 against the greenback, the State Bank said.
— SBP (@StateBank_Pak) September 9, 2022
During the week, the PKR lost about 4.2% or Rs9.2 value against the USD. It started Monday’s session on Rs218.8 and on Friday (today), it closed at Rs228.18.
The fall of the rupee also comes contrary to analysts’ expectations who thought of a better PKR-to-USD value after the IMF deal.
According to a weekly report published on Thursday on the status of forex reserves by the State Bank of Pakistan, as of September 2, the SBP-held reserves increased by $1.1 billion to reach $8.799 billion from $7.69 billion recorded on August 26.