SBP devalues rupee again as reserves dwindle

The State Bank of Pakistan
Photo: SBP/Abbas Ali Khan

The State Bank of Pakistan has allowed another drop in the value of the rupee as it struggles to prevent its foreign exchange reserves from dwindling.

The local market closed at PKR119.84 to the dollar today (June 11), a drop of around 3.6% relative to the value before the weekend, on June 8. The Pakistani rupee touched lows of 121.5 during the day’s trading, says the central bank.

“The market-based adjustment is reflective of the country’s external balance of payments position, which is under

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