pakistani rupee faces 16th consecutive drop against us dollar
In the latest update from the State Bank of Pakistan (SBP), the Pakistani rupee (PKR) continued its losing streak against the US dollar in the interbank market. The greenback closed at Rs287.87, marking an increase of 32 paise compared to the previous session’s Rs287.55.
This decline in the value of the local currency has been persistent, with a four percent decrease against the dollar since the mid-October onset of this downward trend. In the open market, the US currency witnessed a Rs3.00 increase, closing the week at Rs288 as opposed to the previous Rs285.
The impact of this trend is not limited to the US dollar alone; other foreign currencies have also experienced an upward shift against the Pakistani rupee. The euro, for example, rose by five rupees in the past week, reaching Rs302 at the weekend.
The British Pound saw a gain of 10 rupees in the open market, settling at 356.50 rupees. Similarly, the Euro gained five rupees, now trading at 307 rupees.
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In this scenario, not only major currencies but also regional ones felt the effect. The Saudi riyal increased by Rs1.20, trading at 76.70 rupees compared to Rs75.50. Meanwhile, the Emirates dirham rate saw a 30-paisa hike, settling at 80.50 rupees.
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This consistent decline in the Pakistani rupee’s value emphasizes the need for careful monitoring of the economic landscape and understanding its impact on various currencies. Investors and individuals alike may find it crucial to stay informed about these fluctuations to make informed decisions regarding their finances.