KARACHI: Pakistani rupee on Monday continued its losing streak against the US dollar, depreciating 0.22 percent in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 223.66 after a decline of Rs0.49. In the last seven trading sessions, the currency has lost Rs2.24 or 1% against the greenback.
Interbank closing #ExchangeRate for todayhttps://t.co/4K9Da6FI3D pic.twitter.com/ntVUTgs9CZ
— SBP (@StateBank_Pak) November 21, 2022
During the previous week, the rupee lost value in all five sessions to close at 223.17 against the greenback in the inter-bank market, amid reports that talks with the International Monetary Fund (IMF) have been further delayed as the lender linked arrival of its mission in Islamabad with finalization of macroeconomic framework with necessary adjustments.
At the end of the week, the rupee came under a little more pressure from investors who were also worried about the escalating domestic political commotion and shrinking foreign exchange reserves.
Also read: Net FDI in Pakistan plunges 62 percent in October
In a significant development, Pakistan’s current account deficit (CAD) increased by more than 56% from $0.36 billion in September 2022 to $0.57 billion in October 2022, according to data released on Monday by the central bank.
Moreover, Net foreign direct investment (FDI) in Pakistan plunged 62 percent to $95 million in October 2022, compared to $247.3 million recorded in the same month last year, revealed State Bank of Pakistan (SBP) data on Monday.
During July-October FY23, FDI inflows were $514.5 million against outflow of $166.2 million.
The amount of Net FDI from July through October of the prior fiscal year was $726.5 million, a decrease of $378.2 million.
Net FDI for the month of October was $94.9 million, a 62% decline from the $247.3 million in net FDI for the same month last year.
