Rupee depreciates for third straight day in opposition to US greenback

The foreign money has maintained a downtrend since Might 14, 2021, and has misplaced a cumulative 11.03% (or Rs15.81) up to now 4 months. — AFP/File
  • Native foreign money settles at Rs168.08 on Friday, recording a nominal lower of 0.03%.
  • Cumulatively, the foreign money misplaced round Re1 in the course of the ongoing week.
  • On September 17, international foreign money reserves held by the SBP have been recorded at $19,543.4 million.

KARACHI: The rupee fell for the third straight day in opposition to the US greenback on Friday because the foreign money closed the week at Rs169.08, recording a lack of 0.03% in the course of the day.

Cumulatively, the foreign money misplaced round Re1 in the course of the ongoing week owing to larger imports and greenback outflows to Afghanistan.

Final week, the foreign money had dropped to an all-time low of Rs169.12 in opposition to the US greenback.

The foreign money has maintained a downtrend since Might 14, 2021 — when it touched a 22-month excessive of Rs152.27 — and has misplaced a cumulative 11.03% (or Rs15.81) up to now 4 months.

Through the day, the State Financial institution of Pakistan (SBP) carried out a market operation offering short-term loans price Rs1,945 billion to business banks for seven days to be able to keep demand and provide steadiness.

Based on the info launched by the central financial institution on Thursday, the international trade reserves held by SBP fell 2.4% on a weekly foundation on account of exterior debt funds.

On September 17, the international foreign money reserves held by the SBP have been recorded at $19,543.4 million, down $479 million in contrast with $20,022.7 million recorded on September 10.

In the meantime, general liquid international foreign money reserves held by the nation, together with internet reserves held by banks apart from the SBP, stood at $26,402.6 million. Internet reserves held by banks amounted to $6,859.2 million.

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