KARACHI : Nov 7, 2022: The rupee gained slightly against US dollar in interbank on the first working day of the week to take its rate down to Rs 221..40 against Rs 222 on the last working day.
US dollar had pegged at Rs 222 against the local unit on
Friday last and it depreciated by Rs 0.60 to a rupee at end of midday trading on Monday.
In open market there was no change in US dollar-rupee parity . US dollar rates had closed at 225.50 in open market on Friday and it maintained the same rate during the first session of trading in open market.
Pakistan’s fast shrinking forex reserves are biting the local unit . Although Finance minister, Ishaq Dar, is using every possible channel to bring US dollar down to its actual value, but his efforts were being foiled by a number of factors.
Shrinking forex reserves and rising pressure on the rupee due to fast growing Afghanistan’s imports from Pakistan are some of the factors which are continuously resulting in pushing up of US dollar at the higher end.