Rupee sinks for 4th week on economic, political uncertainty

KARACHI: Pakistani rupee continued losing ground against the US dollar for the fourth week in a row on the back of political and economic uncertainty, depreciating by 1.76 percent in the interbank market, 3.92 percent in open market and 3.75 percent in the black market/ Hundi.
According to the figures shared by the State Bank of Pakistan, the rupee opened at 295.78 in the interbank market on Monday last and closed at 301 on Friday, going down by Rs5.22 (-1.76 percent) against the greenback. The rupee depreciated in all five sessions of the week and set four consecutive all-time new lows against the dollar during the last four sessions.
During the current fiscal year 2023-24, Pakistani rupee has shed Rs15.01 against the US dollar in the interbank market, while it plummeted by Rs73.57 against the greenback in the current year.
Similar was the case in the open market, as the local unit opened in the range of 303-306 against the dollar on Tuesday and closed the week at 315-318, going down by Rs12 (-3.92 percent). Following suit, the dollar was quoted at Rs320 in the black market/Hundi on Monday last and Rs332 was the rate at the end of the week, showing a depreciation of Rs12 (-3.75 percent).- TLTP