Sunday, October 2, 2022

Rupee’s slide continues against US dollar


KARACHI: The Pakistani rupee depreciated 34 paisas against the United States (US) dollar in the interbank currency market on Wednesday. 

According to the State Bank of Pakistan (SBP), the rupee closed at Rs158.53 against the greenback, registering depreciation of 34 paisas over previous close of 158.19.

The rupee had touched an all-time low of 168.43 last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April.

The local unit gained considerable ground on the back of improved foreign exchange reserves, current account surplus, and higher remittances besides less demand of dollar due to the pandemic.

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