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PKR continues to slide against US dollar

ISLAMABAD: Pakistani rupee has lost 1.34 rupees against the US dollar in the interbank market on Monday morning compared to the previous close of Rs220.66 per USD.

According to forex dealers, the US dollar rose by Rs1.34 in the interbank to trade at Rs222 while banks are selling the greenback at Rs222.50. In open market, the US dollar is being traded between Rs229 and Rs231.

Pakistani rupee is under severe pressure due to drying up foreign exchange reserves and declining foreign direct investment which plunged to $59 million in July 2022.

Meanwhile, the demand for dollars in the open market has surged due to the newly enforced law by UAE for Pakistani travelers to have 5,000 dirhams along with a valid work visa and a return ticket.

It is pertinent to note that the foreign exchange reserves held by the central bank fell by $87 million during the week ended on August 19, according to data released by the State Bank of Pakistan (SBP)…

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