KARACHI: The rupee lost seven paisas against the dollar on Thursday, owing to the rising demand for import payments, dealers said.

The exchange rate receded a decline of seven paisas in the rupee value to end at Rs220.95 from the previous day’s closing of Rs220.88 in the interbank foreign exchange market.

The dealers said the local currency was under pressure due to the falling foreign exchange reserves and the rising demand for import payments.

After the appointment of Ishaq Dar as the finance minister, the rupee recovered sharply. However, the recent depletion in the forex reserves again put pressure on the exchange rate.

The dollar rebounded on October 12, 2022 after making a losing streak for straight 13 sessions against the rupee.

The exchange rate reached the near record low of Rs239.71 on September 22, 2022 against the greenback but ended at Rs217.79 on October 10, 2022.

The finance minister is continuously claiming that the actual value of the dollar is Rs200 and he vowed to bring it down at this level.

The rupee hit the all-time low of 239.94 against the dollar on July 28, 2022.

Besides, Pakistan’s foreign exchange reserves continued to decline and depleted by $342 million to $13.247 billion by the week ended October 7, 2022.

The foreign exchange reserves of the country stood at $13.589 billion on September 30, 2022.

The country’s foreign exchange reserves hit the all-time high of $27.228 billion on August 27, 2021. Since then, these have declined by $13.981 billion.

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