The Pakistani Rupee (PKR) continues its downward spiral against the US Dollar (USD) for the 17th consecutive session despite Finance Minister Ishaq Dar’s claims to bring the greenback under Rs. 200, which is the original value of the local currency before it was manipulated by banks to make profit.
According to the State Bank of Pakistan (SBP), the Pakistani Rupee (PKR) closed at Rs. 218.89 against the US Dollar (USD) in the interbank market on Monday (17 October 2022), which was a depreciation of Rs. 0.46 (0.21%) compared to Friday (14 October ) when the local currency closed at Rs. 218.89 against the greenback.
Despite the depreciation, the Pakistani Rupee has still managed to recover Rs. 21.05 from its record high of Rs. 239.94 against the UD Dollar.
The local currency has been under pressure as foreign exchange reserves have been shrinking due to increasing demand for the greenback from exporters and fewer conversions from exporters. Meanwhile, strengthening of the US Dollar (USD) against other major currencies has also been a reason for the Pakistani Rupee’s (PKR) depreciation.