Rupee Closes at Rs. 227.41 Against US Dollar After 14th Straight Loss 

The Pakistani Rupee (PKR) continued its fall against the US Dollar (USD) on Monday for the 14th straight session and reported losses in the interbank market. The local currency lost Rs. 0.27 against the greenback at the close of today’s session.

The PKR depreciated by 0.12 percent against the USD and closed at Rs. 227.41 today. The PKR had lost Rs. 0.02 against the greenback at the close of the previous session, closing at Rs. 227.14 while the open market rate is still above Rs. 260.

Over the weekend, it was reported that foreign exchange reserves held by the State Bank of Pakistan (SBP) slumped to $4.5 billion after it returned over $1 billion loans of two foreign commercial banks, leaving the country with barely 25 days of import cover.

The continuously depleting reserves have seriously dented the economic activity in the country, with multiple industries suffering due to the non-opening of letters of credit (LCs) as banks run out of dollars.

Finance Minister Ishaq Dar is expected to meet a delegation of the International Monetary Fund (IMF) on the sidelines of the ongoing Geneva conference to discuss outstanding issues and the path forward.

Pakistan has been looking to finalize the ninth review of its $7bn Extended Fund Facility (EFF) for weeks but with little success. However, it is expected that things will move forward in Geneva.

The PKR also reported losses against most of the other major currencies in the interbank market today. It lost Rs. 3.77 against the Euro (EUR), and Rs. 5.9 against the Pound Sterling (GBP).

The rupee also lost significantly against the Australia Dollar (AUD), posting losses of Rs. 4.01 or 2.62 percent.

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