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Tag: US Dollar

  • Dollar jumps up to Rs238 in midday interbank

    Dollar jumps up to Rs238 in midday interbank

    KARACHI: The US dollar jumped to Rs238 against Pakistan Rupee (PKR) in midday interbank trading on Thursday.

    The exchange rate witnessed a decline of Rs1.98 in rupee value to trade at Rs238 from last day’s closing of Rs236.02 in the interbank foreign exchange market.

    Currency experts said that the external payment pressure escalated the dollar demand.

    READ MORE: Dollar touches new peak at Rs236.02 at interbank closing

    They said that falling foreign exchange reserves and political instability also put pressure on exchange rate.

    The foreign exchange reserves of the country have further declined.

    Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 2022.

    READ MORE: Rupee crashes Rs232.93 to dollar at interbank closing

    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 $11.986 billion.

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.

    READ MORE: Dollar hits new high Rs229.86 on political crisis

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring it to 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

  • Pakistani Rupee to US Dollar on July 28, 2022

    Pakistani Rupee to US Dollar on July 28, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on July 28, 2022:

    Buying: Rs 237.50 to the US Dollar

    Selling: Rs 240.50 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 09:37 AM Pakistan Standard Time (PST).

    The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to US Dollar on July 27, 2022

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    Pakistani Rupee to UAE Dirham on July 28, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on July 28, 2022:

    Buying: Rs 64.00 to the UAE Dirham

    Selling: Rs 65.00 to the UAE Dirham

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 09:36 AM Pakistan Standard Time (PST).

    The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UAE Dirham on July 27, 2022

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    Pakistani Rupee to UK Pound Sterling on July 28, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on July 28, 2022:

    Buying: Rs 284.00 to the UK Pound Sterling

    Selling: Rs 287.00 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 09:36 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UK Pound Sterling on July 27, 2022

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    Pakistani Rupee to Euro on July 28, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on July 28, 2022:

    Buying: Rs 239.00 to the Euro

    Selling: Rs 241.50 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 09:35 AM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Euro on July 27, 2022

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    Pakistani Rupee to Saudi Riyal on July 28, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on July 28, 2022:

    Buying: Rs 63.00 to the Saudi Riyal

    Selling: Rs 64.00 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 09:34 AM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 27, 2022

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    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Dollar touches new peak at Rs236.02 at interbank closing

    Dollar touches new peak at Rs236.02 at interbank closing

    KARACHI: The US dollar touched a new peak at Rs236.02 against the Pakistan Rupee (PKR) on Wednesday at closing of interbank foreign exchange market.

    The exchange rate recorded a decline of Rs3.09 in rupee value to end at Rs236.02 to the dollar from previous day’s closing of Rs232.93 in the interbank foreign exchange market.

    READ MORE: Rupee crashes Rs232.93 to dollar at interbank closing

    The rupee is falling continuously against the greenback for the last many days due to political instability and weak economic indicators.

    Currency dealers said that external payment pressure causing a continuous decline in rupee value.

    The dealers said that the continuous decline in rupee value may also be attributed to the fall in foreign exchange reserves.

    The foreign exchange reserves of the country have further declined.

    READ MORE: Dollar hits new high Rs229.86 on political crisis

    Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 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 $11.986 billion.

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    READ MORE: Dollar hits new high at Rs228.37 at interbank closing

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring it to 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

    READ MORE: Rupee ends to new low at Rs226.81 against dollar in interbank

  • Rupee falls Rs236 to dollar at early trade on July 27, 2022

    Rupee falls Rs236 to dollar at early trade on July 27, 2022

    KARACHI: Pakistani Rupee (PKR) plunged to Rs236 against the dollar in early day trading at interbank foreign exchange market on Wednesday.

    The exchange rate presently recorded a fall of Rs3.07 in the rupee value to trade at Rs236 to the dollar when compared with previous day’s closing of Rs232.93 in the interbank foreign exchange market.

    READ MORE: Rupee crashes Rs232.93 to dollar at interbank closing

    Currency dealers said that external payment pressure causing a continuous decline in rupee value.

    The rupee recorded a decline of Rs28.08 or 13.75 per cent during first 26 days of the current fiscal year.

    The fiscal year 2022/2023 initiated at Rs204.85 to the dollar and now at Rs232.93 till July 26, 2022.

    READ MORE: Dollar hits new high Rs229.86 on political crisis

    The dealers said that the continuous decline in rupee value may be attributed to the fall in foreign exchange reserves.

    The foreign exchange reserves of the country have further declined.

    Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 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 $11.986 billion.

    READ MORE: Dollar hits new high at Rs228.37 at interbank closing

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring it to 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

    READ MORE: Rupee ends to new low at Rs226.81 against dollar in interbank

  • Pakistani Rupee to US Dollar on July 27, 2022

    Pakistani Rupee to US Dollar on July 27, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on July 27, 2022:

    Buying: Rs 233.50 to the US Dollar

    Selling: Rs 236.00 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 09:30 AM Pakistan Standard Time (PST).

    The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to US Dollar on July 25, 2022

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    Pakistani Rupee to UAE Dirham on July 27, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on July 27, 2022:

    Buying: Rs 62.80 to the UAE Dirham

    Selling: Rs 63.80 to the UAE Dirham

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 09:29 AM Pakistan Standard Time (PST).

    The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UAE Dirham on July 25, 2022

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    Pakistani Rupee to UK Pound Sterling on July 27, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on July 27, 2022:

    Buying: Rs 277.00 to the UK Pound Sterling

    Selling: Rs 280.00 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 09:29 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UK Pound Sterling on July 25, 2022

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    Pakistani Rupee to Euro on July 27, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on July 27, 2022:

    Buying: Rs 234.00 to the Euro

    Selling: Rs 237.00 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 09:29 AM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Euro on July 25, 2022

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    Pakistani Rupee to Saudi Riyal on July 27, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on July 27, 2022:

    Buying: Rs 61.70 to the Saudi Riyal

    Selling: Rs 62.70 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 09:28 AM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 25, 2022

    ————————————————-

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Rupee crashes Rs232.93 to dollar at interbank closing

    Rupee crashes Rs232.93 to dollar at interbank closing

    KARACHI: Pakistani rupee (PKR) on Tuesday crashed at Rs232.93 to the US dollar at closing of interbank foreign exchange market.

    The exchange rate recorded a loss of Rs3.05 in rupee value to end at Rs232.93 as compared with last day’s closing of Rs229.88 in the interbank foreign exchange market.

    READ MORE: Dollar hits new high Rs229.86 on political crisis

    Currency dealers said that political instability and fiscal weakness putting pressure on exchange rate.

    The rupee recorded a decline of Rs28.08 or 13.75 per cent during first 26 days of the current fiscal year.

    The fiscal year 2022/2023 initiated at Rs204.85 to the dollar and now at Rs232.93 till July 26, 2022.

    The dealers said that the continuous decline in rupee value may be attributed to the fall in foreign exchange reserves.

    The foreign exchange reserves of the country have further declined.

    READ MORE: Dollar hits new high at Rs228.37 at interbank closing

    Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 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 $11.986 billion.

    READ MORE: Rupee ends to new low at Rs226.81 against dollar in interbank

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring it to 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

    READ MORE: Rupee hits fresh low Rs224.92 to dollar at interbank closing

  • Rupee plummets to Rs232 against dollar in midday trading

    Rupee plummets to Rs232 against dollar in midday trading

    KARACHI: The Pakistani Rupee (PKR) fell to record low at Rs232 against the US dollar during midday trading of foreign exchange market on Tuesday.

    The dollar is being traded at Rs232 after gaining another Rs2.12 so far as compared with last day’s closing of Rs 229.88 in the interbank foreign exchange market.

    Currency experts said that the deepening political crisis had created panic in the currency market and rise in dollar demand.

    READ MORE: Dollar hits new high Rs229.86 on political crisis

    The recent election for the chief minister in the Punjab Assembly was challenged by PTI and PML (Q) seeking relief from the Supreme Court. Meanwhile, other coalition partners are demanding the Supreme Court to form a full court to decide the case.

    Currency experts said that the rupee under severe pressure due to high dollar demand for external payments.

    The foreign exchange reserves of the country have further declined.

    READ MORE: Dollar hits new high at Rs228.37 at interbank closing

    Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 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 $11.986 billion.

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    READ MORE: Rupee ends to new low at Rs226.81 against dollar in interbank

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring it to 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

  • Pakistani Rupee to US Dollar on July 26, 2022

    Pakistani Rupee to US Dollar on July 26, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on July 26, 2022:

    Buying: Rs 230.50 to the US Dollar

    Selling: Rs 232.50 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 09:30 AM Pakistan Standard Time (PST).

    The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to US Dollar on July 25, 2022

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    Pakistani Rupee to UAE Dirham on July 26, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on July 26, 2022:

    Buying: Rs 62.00 to the UAE Dirham

    Selling: Rs 63.00 to the UAE Dirham

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 09:29 AM Pakistan Standard Time (PST).

    The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UAE Dirham on July 25, 2022

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    Pakistani Rupee to UK Pound Sterling on July 26, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on July 26, 2022:

    Buying: Rs 274.00 to the UK Pound Sterling

    Selling: Rs 278.00 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 09:29 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to UK Pound Sterling on July 25, 2022

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    Pakistani Rupee to Euro on July 26, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on July 26, 2022:

    Buying: Rs 232.00 to the Euro

    Selling: Rs 237.00 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 09:29 AM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Euro on July 25, 2022

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    Pakistani Rupee to Saudi Riyal on July 26, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on July 26, 2022:

    Buying: Rs 60.40 to the Saudi Riyal

    Selling: Rs 61.40 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 09:28 AM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 25, 2022

    ————————————————-

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

  • Falling rupee to collapse industry: PYMA

    Falling rupee to collapse industry: PYMA

    KARACHI: Pakistan Yarn Merchants Association (PYMA) on Monday expressed concerns over massive depreciation of Pakistan Rupee (PKR) and fear it may collapse the local industry.

    PYMA Chairman Saqib Naseem, and Vice Chairman PYMA Sindh and Balochistan Muhammad Junaid Teli in a joint statement expressed disappointment on the part of the State Bank of Pakistan (SBP) for not taking effective measures to stop the continuous increase in the value of the dollar, saying that soaring dollar risks SMEs, industries and businesses.

    READ MORE: PYMA demands withdrawal of sales tax through electricity bills

    PYMA office-bearers demanded the central bank to take concrete steps to stabilize the value of the rupee as businesses and industrial activities were badly affected, especially small and medium enterprises (SMEs) were facing the biggest financial losses.

    Depreciation of rupee and continuous increase in value of dollar has increased the cost of doing business due to which the business and industrial community is facing severe difficulties.

    READ MORE: PYMA rejects customs valuation for filament yarn

    They further said that the appreciation of the dollar is most affecting businesses and industries that rely on imported raw materials to sustain production activities. Therefore, due to the increase in the value of the dollar, while the cost of importers has increased, the industries are also facing an increase in the cost of production in the form of expensive raw materials, which is also having a negative impact on exports.

    Saqib Naseem, Junaid Teli demanded the State Bank of Pakistan to take practical measures to stabilize the rupee and prevent the rise in the value of the dollar to save the business and industries, especially SMEs from being destroyed, and the country to come out of economic crises and to reduce the increasing cost of business and industry.

    READ MORE: PYMA seeks duty, taxes cut on yarn in budget 2022/2023

    PYMA office-bearers expressed apprehension that if the central bank doesn’t play its role in stabilizing the rupee, the survival of businesses and industries, including SMEs, will be at risk.

  • Dollar hits new high Rs229.86 on political crisis

    Dollar hits new high Rs229.86 on political crisis

    KARACHI: The US dollar on Monday recorded a new historic high at Rs229.86 against the Pakistan Rupee (PKR) due to rising political crisis.

    The exchange rate recorded a decline of Rs1.49 in rupee value to end at Rs229.86 against the dollar from last Friday’s closing of Rs228.87 in the interbank foreign exchange market.

    READ MORE: Dollar hits new high at Rs228.37 at interbank closing

    The previous historic high of the dollar was Rs228.37 on July 22, 2022 in interbank foreign exchange market.

    Currency experts said that the deepening political crisis had created panic in the currency market and rise in dollar demand.

    The recent election for the chief minister in the Punjab Assembly was challenged by PTI and PML (Q) seeking relief from the Supreme Court. Meanwhile, other coalition partners are demanding the Supreme Court to form a full court to decide the case.

    READ MORE: Rupee ends to new low at Rs226.81 against dollar in interbank

    Currency experts said that the rupee under severe pressure due to high dollar demand for external payments.

    The foreign exchange reserves of the country have further declined.

    Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 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 $11.986 billion.

    READ MORE: PKR plunges Rs227 to dollar at interbank midday trading

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring it to 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

    READ MORE: Rupee hits fresh low Rs224.92 to dollar at interbank closing