Pakistani rupee suffers decline after upward trend

Islamabad, Nov 12 (IANS) The Pakistani rupee (PKR) has suffered a decline following an upward trend in the last three consecutive sessions, according to the central bank.On Friday, the greenback was traded at 221.64 PKR in the interbank market, Xinhua news agency quoted the State Bank of Pakistan (SBP) as saying.The US dollar closed at 221.42 PKR on Thursday, and at the end of the week the local currency depreciated by 0.22 PKR, or about 0.10 per cent, against the US dollar, the official figures showed.Recently, the SBP's foreign exchange reserves have decreased by $956 million on a weekly basis and fell to around $7.95 billion.According to market analysts, the decrease in the foreign exchange reserves is critical for Pakistan as it needs an inflow to meet its balance of payments requirement. This decline in the reserves is significantly pressurizing the exchange rate situation of the South Asian country.
--IANS ksk/

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