RIYADH: Prime Minister Shehbaz on Sunday secured assurances on investment from Saudi Arabia and won plaudits from his hosts,
Rupee depreciated again
KARACHI: The rupee depreciated for the sixth day on Friday, falling by 0.58 per cent to 286.81 against the US dollar on the interbank market, central bank data showed.
According to the State Bank data, the rupee depreciated by Rs10.35 in six sessions, shedding all the gains it had made after a short-term, $3 billion agreement with the IMF.
On June 27, the rupee closed at 285.99 in the interbank market on the last trading day before Eidul Azha, before rising by 3.83pc to 275.44 in the next session on July 4.
The rupee has lost value even though State Bank’s reserves have jumped to $8.7bn, close to the reserves in October 2022.
Currency experts said that the latest rupee depreciation over the past few days was a sign of a lack of confidence in the local currency and the economy on the whole.
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