Rupee further weakens as US dollar touches Rs208 mark

The US dollar on Friday continued its record upward trajectory against the rupee after the State Bank of Pakistan yesterday announced that its reserves had declined from US$9 billion.

According to forex dealers, the rupee decline in the interbank today by Rs0.33 in the early hours of the trade as US dollar was sold out at Rs208.  In open market, the US dollar traded between Rs209 and Rs211.

It is pertinent to mention here that the foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $240 million during the week ended on June 10, a report on Thursday said.

According to details shared by the central bank, the overall foreign reserves held by the country stood at $14.94 billion on June 10.

Sharing a break-up of the foreign reserves position, the SBP said that the reserves held by the State Bank of Pakistan stand at $8.98 billion while commercial banks also have reserves of $5.96 billion.

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