Rupee’s losing streak breaks after 15 consecutive sessions
On Friday, the Pakistani rupee broke its losing streak and strengthened against the US dollar as the greenback lost 71 paisa in interbank trading by 10:15 am.
After continuously depreciating for 15 consecutive sessions the rupee gained Rs0.71 to reach 239. Yesterday, the dollar was closed at Rs239.71.
Interbank closing #ExchangeRate for todayhttps://t.co/r3uiHkJXkb pic.twitter.com/yscMbxiFEx
— SBP (@StateBank_Pak) September 22, 2022
During the last 52 weeks, the Pakistani rupee lost 29.48% against the greenback while reaching its lowest at 239.94 on July 28, 2022, and the highest at 169 on September 23, 2021.
However, the buying and selling rates of dollars in the open market were recorded at Rs 241.7 and Rs 244.1 respectively on the previous day.
The price of Euro decreased by 46 paisa and closed at Rs 236.88 against the last day’s closing of Rs 237.34.
The Japanese Yen remained unchanged to close at Rs1.66, whereas a decrease of 07 paisa was witnessed in the exchange rate of the British Pound, which was traded at Rs 271.66 as compared to its last closing of Rs 271.73.
The exchange rates of Emirates Dirham increased by 02 paisa, while that of and Saudi Riyal decreased by 01 paisa to close at Rs 65.26 and Rs 63.71 respectively.
Conversely, a month ago, the local currency won the title of the best-performing currency in emerging markets in August 2022. The IMF approval of the loan tranche of $1.16 billion had also supported the currency’s stabilization, the analyst said.