A currency changer counts U.S. dollar notes in Rawalpindi, Pakistan, on July 29, 2022. (Xinhua/Ahmad Kamal)
Pakistani rupee depreciated by about 0.01 percent against the U.S. dollar on the last working day, and the currency is estimated to get weakened in the future due to decreased foreign exchange reserves.
ISLAMABAD, Nov. 27 (Xinhua) -- Pakistani rupee suffered a marginal decline against the U.S. dollar as the greenback was traded at 223.94 rupees in the interbank market on Friday, according to the State Bank of Pakistan (SBP).
The U.S. dollar closed at 223.92 rupees on Thursday, and on the last working day, the local currency depreciated by 0.02 rupee, or about 0.01 percent, against the U.S. dollar, official figures showed.
The SBP's monetary policy committee (MPC) on Friday announced to increase the policy rate by 100 basis points to 16 percent.
The local currency has been trading in a range between 218 and 224 rupees since the last MPC's meeting on Oct. 10.
Additionally, the central bank's latest data released on Thursday revealed that its foreign exchange reserves had decreased by 134 million U.S. dollars on a weekly basis to 7.82 billion dollars.
According to market analysts, the rupee will come under pressure in the future and is likely to get weakened due to the thin foreign exchange reserves of the country.■
