Rupee continues losing value versus dollar
The US dollar continued its rising spree for the fourth consecutive session and appreciated by 50 paise against the rupee in the interbank market on Wednesday. The State Bank of Pakistan (SBP) reported the dollar closing price at Rs222.41 from Rs221.91 a day earlier. With the increasing pressure on the external front, the exchange rate has started reflecting the response. Currency dealers were unable to comment on the situation as they feel the game is no more in the hands of the market it government or the SBP’s call. The SBP data showed that for the last four working days the dollar kept appreciating from Rs221.64 on Nov 11 to Rs222.41 on Nov 16. The main reason is the shortage of dollars. The SBP’s foreign exchange reserves fell by $955 million during the week ended on Nov 4 which created a drastic impact on the exchange rate. The central bank is to pay $1bn on Dec 5, which would further slash the reserves which stood at $7.957bn.