Rupee sheds 98 paisas settling at Rs285.29 to US dollar

The Pakistani rupee in the inter-bank market continued to fall in third consecutive week.In the interbank market, the local currency lost Rs0.98, reaching 285.29.

During the week ended on November 3, the PKR depreciated by 3.74 rupees against the US dollar to settle at PKR 284.31, as compared to the previous week’s closing of PKR 280.57 per USD. Friday (November 3).

Interbank closing #ExchangeRate for todayhttps://t.co/1tS1teVmVg#SBPExchangeRate pic.twitter.com/zIgqJLQQSn

— SBP (@StateBank_Pak) November 6, 2023

The US dollar demand is on the rise in the wake of the ongoing economic review of the country by a visiting delegation of the International Monetary Fund (IMF). The uncertainity is speculated due to any specific conditions imposed by the International Monetary Fund (IMF).

The Pakistani rupee maintained a positive close for 28 successive sessions – one of the longest appreciation runs as it cumulatively gained 10.93% since hitting a record low of 307.1 in the inter-bank market on September 5.