KARACHI: PKR on Friday continued its losing streak against the US dollar as the local currency fell by Rs1.12 during early trade in the interbank market.
At around 12:30pm, the rupee was being traded at Rs237 per dollar, a depreciation of 0.47 percent from yesterday’s close of Rs235.88.
On Thursday, Pakistan’s rupee had sustained losses against the US dollar for the 10th successive session, settling with a depreciation of 0.66% at 235.88 in the inter-bank market as investors awaited funding from friendly countries and international creditors.
The local currency had gained some ground as Pakistan met all prior conditions of the International Monetary Fund (IMF), which lead to resumption of the program, a development that helped it secure $1.17 billions of inflow under the Extended Fund Facility (EFF).
Moreover, foreign exchange reserves held by the State Bank of Pakistan (SBP) dipped $176 million, clocking in at $8.62 billion as of September 9, 2022, according to data released on Thursday.
Total liquid foreign reserves held by the country stood at $14.32 billion, said the SBP. Net foreign reserves held by commercial banks amounted to $5.7 billion.
