The State Bank of Pakistan (SBP) reported that the Pakistani rupee closed at Rs279.12 on Monday, marking a marginal decline of 0.11% against the US dollar. This decrease of Re0.32 follows a previous week where the rupee reversed recent gains, ending at 278.80 in the interbank market, resulting in a week-over-week decline of 0.42%.
Currency traders attribute this decline to the increased demand for the US dollar, primarily for international payments. Concurrently, the open market also observed a dip in the value of the Pakistani rupee, as it was traded at 281 and bought at 278, according to reports from currency brokers.
Over the past week, the Pakistani rupee experienced a notable loss of 3.50 rupees against the US dollar, both for buying and selling, with closing rates at 277.50 and 280.50, respectively.
It is noteworthy that the Pakistani rupee recently concluded an impressive 28-session winning streak, which stands as one of the longest in recent history. This remarkable performance comes after hitting its record low of 307.1 in the interbank market on September 5, showing a substantial gain of 10.93%.
