KARACHI: Dec 12,2022:. US dollar thrashed the rupee in interbank on Monday— the first working day of the week–when its value jumped up by Rs 2 against the local unit .
On Friday last , US dollar had closed at Rs 229.70 ,but it jumped up to Rs 231.70 on the first day of the week , showing an increase of Rs 2 in USD value .
This major increase in US value against the rupee in the last two weeks. US dollar was stable at Rs 229.70 since the last week of November .
PKR remained stable in interbank market for the last two weeks, but it lost massively on Monday. The basic reason of loss to the rupee to the dollar in terms of value was receding Pakistan ‘s Forex reserves.
Pakistan forex reserves are depleting fast and it is putting pressure on the value of the local currency . Pakistan ‘s Forex reserves stand at 7.9 billion currently . Fast recedung Forex reserves is being seen as a serious challenge for Pakistan.
Pakistan is banking on inflow of funds from Saudi Arabia.
All major currencies like Euro, Pound Sterling , UAE dirham and Saudi Riyal also appreciated against the local unit.
Erup gained Rs 0 50 which took its value in interbank from Rs 250 to Rs 250.50. Pound sterling made marginal increase in its value of 10 paias and with an increase of Rs 0.50 , Pound Sterling value rose to Rs 290.10. Saudi Riyal made gain of 36 paisa agaunst the rupee to take its value to Rs 63.36. Likewise , UAE dirham also gained 34 paisa in its value against the rupee. With this latest increase UAE dirham value increased to Rs 65.34.