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Islamabad– The Pakistani rupee continued its nosedive against the US dollar on Friday, for the fifth consecutive working day, as it declined by 0.64% (Rs1.23) to a new historical low, reaching Rs193 against the greenback in the inter-bank market.
The domestic currency had closed at Rs191.77 against the global currency a day earlier, according to the State Bank of Pakistan (SBP).
The latest depreciation recorded was followed by the central bank’s report on Thursday that the country’s foreign exchange reserves had depleted to a 22-month low, at $10.3 billion.
The dwindling reserves have continued to weaken the country’s balance of payments, as a result, Pakistan’s ability to import and repay foreign debt has contracted during the past several months. The $10.3 billion reserve has reduced the country’s import cover to less than two-months as compared to the usual three-month import cover.
