Pakistani Rupee Continued Downward Trajectory

Pakistani Rupee Continued Downward Trajectory

ISLAMABAD, Oct 29 (NNN-APP) – The Pakistani rupee continued its downward trajectory for the third consecutive session as, the U.S. dollar was traded at 222.47 rupees in the interbank market yesterday, according to the State Bank of Pakistan.

The U.S. dollar closed at 221.50 rupees on Thursday, and on the last working day of the week, the local currency depreciated by 0.97 rupee, or about 0.44 percent, against the U.S. dollar, official figures showed.

Since the beginning of this fiscal year, the rupee’s value has declined by 16.64 rupees or 7.52 percent.

According to market analysts, some of the factors domestically caused skepticism in the market, which resulted in the depreciation of the local currency.

However, the Asian Development Bank released 1.5 billion U.S. dollars, a couple of days ago, to support Pakistan’s economy and relief efforts, in the wake of recent devastating floods in the country.

– NNN-APP

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