KARACHI: The Pakistani rupee depreciated by 30 paisas (-0.11 percent) against the US dollar in the interbank market on Friday. The State Bank of Pakistan (SBP) said in a tweet that the dollar opened at Rs285.38 in the interbank market and closed at Rs285.68. During the current fiscal year 2022-23, Pakistani rupee has lost Rs79.81 against the US dollar in the interbank, while it plummeted by Rs59.25 against the greenback in the current year. Similarly, in the open market too, the US dollar regained some of its lost ground against the rupee, as the shortage of foreign currency kept the local unit under pressure. In the open market, the dollar was traded at Rs302 per dollar against Rs295 a session earlier. Meanwhile, the foreign exchange reserves held by the SBP dropped by 2.4 percent on a weekly basis to $4.09 billion. As of May 26, the SBP’s foreign currency reserves amounted to $4,090.7 million, reflecting a decrease of $102 million compared to $4,193.0 million on May 19. The central bank highlighted that debt repayment obligations have contributed to the reduction in reserves. TLTP
