ISLAMABAD, Nov 12 (NNN-APP) – Pakistani rupee suffered a decline, following an upward trend in the last three consecutive sessions, as the greenback was traded at 221.64 rupees in the interbank market yesterday, according to the State Bank of Pakistan (SBP).
The U.S. dollar closed at 221.42 rupees on Thursday, and at the end of the week the local currency depreciated by 0.22 rupee, or about 0.10 percent, against the U.S. dollar, the official figures showed.
Recently, the SBP’s foreign exchange reserves decreased by 956 million U.S. dollars, on a weekly basis and fell to around 7.95 billion dollars.
According to market analysts, the decrease in foreign exchange reserves is critical for Pakistan, as it needs an inflow to meet its balance of payments requirement. This decline is significantly pressurising the exchange rate situation of the country.– NNN-APP
