A nearly six-week-long streak where the rupee appreciated in value against the US dollar seems to have snapped, with the rupee losing ground for a second successive day against the greenback on Wednesday.
According to data released by the State Bank on Wednesday, the rupee lost around 1.16% in value against the dollar over the previous day's closing value.
The data showed that the rupee lost Rs1.26 in value, slipping from Rs277.03 from Tuesday's close to end at Rs280.29 on Wednesday.
Interbank closing #ExchangeRate for todayhttps://t.co/MaQrBcTLrz#SBPExchangeRate pic.twitter.com/vzQmy6TCsN
— SBP (@StateBank_Pak) October 18, 2023
This followed a mini hiccup on Tuesday when the rupee lost 20 paisas or 0.07% of its value as it slipped from Rs276.83 to close at Rs277.03.
Interbank closing #ExchangeRate for todayhttps://t.co/Xmpc8bGt0G#SBPExchangeRate pic.twitter.com/sdhbPZmUOK
— SBP (@StateBank_Pak) October 17, 2023
Since September 6, when the rupee went on an unbroken five-week-long streak of appreciation, the rupee had gained Rs30.27 rupees before it snapped.
Exchange falters
Meanwhile, in the Pakistan Stock Exchange, the index finished cumulatively 100 points lower than yesterday in a session that saw it lose some 357.26 points.
The KSE-100 index opened on Wednesday morning at 49,531.01 points. It returned to positive trends and raced to highs of 49,735.90 points.
After a slight dip, it rose to an intraday trading high of 49,740.97 points.
However, the exchange was unable to sustain that high and started falling. It lost around 245.68 points to plunge to 49,495.29 points.
There was some momentum that sustained that level for much of the early afternoon session, but as the closing bell neared, it started to fall again and lost another 63.82 points to close the day at 49,431.47 points, down 99.54 points lower than Tuesday's close.