Pakistani rupee suffers decline after upward trend-Xinhua

Pakistani rupee suffers decline after upward trend

Source: Xinhua| 2022-11-12 08:50:00|Editor: huaxia

ISLAMABAD, Nov. 12 (Xinhua) -- Pakistani rupee has suffered a decline following an upward trend in the last three consecutive sessions as the greenback was traded at 221.64 rupees in the interbank market on Friday, according to the State Bank of Pakistan (SBP).

The U.S. dollar closed at 221.42 rupees on Thursday, and at the end of the week the local currency depreciated by 0.22 rupee, or about 0.10 percent, against the U.S. dollar, the official figures showed.

Recently, the SBP's foreign exchange reserves have decreased by 956 million U.S. dollars on a weekly basis and fell to around 7.95 billion dollars.

According to market analysts, the decrease in the foreign exchange reserves is critical for Pakistan as it needs an inflow to meet its balance of payments requirement. This decline in the reserves is significantly pressurizing the exchange rate situation of the South Asian country.

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