Rupee lost Rs3.26 against US Dollar, closed at 280.29

The Pakistani rupee as per the State Bank of Pakistan (SBP),settled at 280.29 after a decrease of Rs3.26 in the inter-bank market.The local currency fell Rs3.26 or 1.16% against the dollar in the inter-bank market.

Rupee ended 28-session winning streak, settles at 277.03 against US dollar on Oct 17

Yesterday,Pakistani rupee finally ended its 28-session winning streak against the US dollar, as it depreciated 0.07% in the inter-bank market on Tuesday.

The rupee settled at 277.03 on Wednesday,after a decrease of Re0.20 in the inter-bank market.In last five weeks, the dollar has come down by Rs53 in the open market and Rs30.30 in inter-bank market.

From September 5-17, the rupee gained 10.9% or Rs30.3 against the greenback for consecutive 28 sessions.The overall gain in the rupee’s value since Sept 5 has been 10.9pc. The impact since the beginning of October alone has been 3.8pc.

In order to ensure a smooth ride forward, the economist suggested that Pakistan secure funding from donors and financial institutions.The gross financing needs are $24 billion in FY23, Pakistan has to ensure continued flows from bilateral and multilateral partners, commercial inflows, rollovers, and funds pledged at the Geneva International Conference for floods to ensure stability in the external sector.