Continuing its upward trajectory against the US dollar in the interbank market for five consecutive days, the rupee on Friday registered a downward trend after the government further hiked petroleum prices to implement conditions for the release of a $1 billion tranche from the International Monetary Fund (IMF).

According to the Forex Association of Pakistan (FAP), the US dollar gained Rs0.11 in the interbank market and climbed to Rs197.70 in intraday trading.

The forex dealers said that the US dollar in the open market is also trading at over Rs202 against the rupee.

On May 26, 2022, the Pakistani rupee closed at an all-time low at Rs202.01 owing to the delay in the resumption of IMF loan programme.

The federal government Thursday increased the prices of petroleum products by Rs30 per litre. The development was announced by Finance Minister Miftah Ismail while addressing a press conference in Islamabad.

After the hike, the price of petrol is set at Rs209.86, diesel at Rs204.15, and kerosene oil at Rs181.56.

Foreign exchange reserves held by the State Bank of Pakistan (SBP) declined by $366 million to $9.723 billion during the week ended on May 27.

According to the central bank’s weekly report, the SBP reserves were recorded at $9,722.9 million, down $366 million compared with $10,088.6 million on May 20.

The country’s total reserves declined to $15.771bn while the holdings of commercial banks were $6.048bn.