Rupee closes week at Rs186.75 against US dollar

• Traders keeping a close eye on outcome of IMF-Pakistan negotiations.
• Rupee sheds 0.05% during day in the interbank market.
• Local unit has depreciated by Rs29.21 since July 1, 2021.

KARACHI: In line with the prevailing trend during the week, the Pakistani currency lost 0.05% against the US dollar on the last trading day of the week.

The local currency closed at Rs186.75 against the greenback compared to its last close of Rs186.70 a day earlier.

The rupee has maintained a downward trend for the last 12 months. It has lost 22.64% (or Rs34.48) to date, compared to the record high of Rs152.27 recorded in May 2021.

With a fresh rise of 0.14%, the Pakistani rupee has depreciated by 18.54% (or Rs29.21) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

Traders also keeping a close eye on the outcome of the IMF-Pakistan negotiations, which will continue till April 24 for which Finance Minister Miftah Ismail and SBP Governor Reza Baqir have reached Washington.

Meanwhile, the foreign exchange reserves held by the central bank increased by 0.33% on a weekly basis, according to data released by the State Bank of Pakistan (SBP).

On April 16, the foreign currency reserves held by the SBP were recorded at $10,885.7 million, up to $36 million compared with $10,849.6 million on April 8.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $17,045 million. Net reserves held by banks amounted to $6,159.3 million.