KARACHI: Pakistani Rupee (PKR) sharply declined against dollar on Wednesday amid falling foreign exchange reserves and high demand for import payments.
The local currency ended down by PKR 1.17 to end at PKR 220.88 against the dollar from previous day’s closing of PKR 219.71 in the interbank foreign exchange market.
READ MORE: Rupee fall continues; Dollar ends at PKR 219.71 in interbank
Currency experts said that the local currency was under pressure during the day due to rising dollar demand for import payments and falling foreign exchange reserves.
The dollar rebounded on October 12, 2022 after making a losing streak for straight 13 sessions to the rupee.
READ MORE: PKR falls to dollar in interbank on Oct 17, 2022
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.
The rupee hit all-time low of PKR 239.94 against the dollar on July 28, 2022.
READ MORE: PKR falls against dollar on depleting forex reserves
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.
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.
READ MORE: Dollar ends up to PKR 218.38 in interbank on Oct 13, 2022
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.