Pakistan’s rupee breaks four-day losing streak against US dollar
Pakistan’s rupee broke a four-day losing streak against the US dollar, appreciating by a marginal two paisas in the inter-bank market on Friday.
As per the State Bank of Pakistan (SBP), the PKR closed at 171.18 against the USD, a day-on-day appreciation of two paisas or 0.01%. On Thursday, the PKR had dropped to the-then record low of 171.20.
Pakistan’s rupee has depreciated over 11% since its recent high in May this year on account of a widening current account deficit, and rising imports. With the demand for dollars increasing due to the surge in prices of international commodities, the currency has remained under pressure in recent months.