KARACHI: The US dollar climbed up against the Pakistani Rupee (PKR) to reach PKR 219.38 in early day trading at interbank foreign exchange market on Friday.
The foreign currency gained PKR 1 to trade at PKR 219.38 from previous day’s closing of PKR 218.38 in interbank foreign exchange market.
READ MORE: Dollar ends up to PKR 218.38 in interbank on Oct 13, 2022
The dollar rebounded on October 12, 2022 after making a losing streak for straight 13 sessions to the PKR.
The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 217.79 on October 10, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.
READ MORE: Dollar ends 13-day losing streak; ends at PKR 217.88
Currency experts said that the rising dollar demand was due to falling foreign exchange reserves and increasing import payments.
Pakistan’s foreign exchange reserves continued to decline and depleted by $342 million to $13.247 billion by week ended October 07, 2022. The foreign exchange reserves of the country were at $13.589 billion a week ago i.e. September 30, 2022.
READ MORE: PKR maintains winning streak to dollar for 13th straight session
The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.981 billion.
They said that the rupee had made gain during the past couple of weeks due to various measures taken by the central bank to curb the dollar hoarding.
READ MORE: Rupee gains for 12th straight session; dollar ends at PKR 217.97
