KARACHI: Pakistan’s rupee on Monday recorded a depreciation for the fourth successive session against the US dollar as the local currency fell by Rs0.46 or 0.21% in the interbank.
The rupee closed at 218.89 after depreciating Rs0.46 or 0.21%. However, despite the depreciation, the rupee has gained 4.36% during the ongoing month, according to the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/F0H8TxTY27 pic.twitter.com/j9KWtyy9GM
— SBP (@StateBank_Pak) October 17, 2022
On Friday, rupee had dipped against the US dollar, and closed at 218.43 after depreciating Re0.05 or 0.02% for the third consecutive session.
After staging a recovery since the last week of September, amid a shift in sentiment driven by Ishaq Dar’s arrival at the Ministry of Finance and measures taken by the central bank and authorities, the currency is now showing signs of stabilizing against the greenback.
At the end of the previous week, it was reported that Dar will seek rescheduling of some $27 billion worth of non-Paris Club debt largely owed to China but will not pursue haircuts as part of any restructuring.
The finance minister has also called for greater policy support from the International Monetary Fund (IMF) and multilateral donors in the backdrop of the climate-induced catastrophe and losses suffered by Pakistan.
