US dollar gains 18 paisa against rupee

On a day which saw a 1,138.37 points slump in KSE-100 Index, the Pakistan rupee also shed 18 paisa against the US dollar on Tuesday in the interbank trading.

It means the local currency settled at Rs225.12 against the previous day’s value of Rs224.94 while the dollar was traded for Rs231.75 to Rs234.06 in the open market.

Meanwhile, the rupee gained 76 paisa against the pound sterling in interbank trading as the day’s closing quote stood at Rs273.7 when compared with the previous session’s value of Rs274.46.

But the rupee strengthened by 51 paisa against euro which closed at Rs238.83 in interbank exchange rate.

The rupee is under pressure as Pakistan saw a massive decline in foreign direct investment and textile exports during the first five months of the fiscal year 2022-23.

According to details, the foreign direct investment dropped by more than half to $430.1 million in the first five months of FY23 against an amount of $884.9 million recorded for the corresponding period last year.

Similarly, the FDI stood at $81.8 million in November after a 48 percent dip when compared with $158.4 million in the same month in 2022.

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