Connect with us

Hi, what are you looking for?

Online Business Success

Rupee appreciates slightly against US dollar

— AFP/File
— AFP/File
  • Local currency closes the week at Rs171.18 on Friday with a gain of 0.01%.
  • Imran Khan says that the pressure on the Pakistani rupee is temporary and will be over soon.
  • In line with the prediction, the currency traded between a range of Rs170-171 during the week.

KARACHI: The rupee appreciated slightly against the US dollar in the inter-bank market on Friday, closing the day at Rs171.18.

The local currency closed at an all-time low of Rs171.18 on Thursday as demand for the foreign currency stood higher compared to its supply.

Earlier today, speaking at the launch of the Kisan Portal, Prime Minister Imran Khan had said that the pressure on the Pakistani rupee is temporary and will be over soon.

With a fresh increase of 0.01%, the rupee has depreciated 8.65% (or Rs13.64) since the start of the current fiscal year on July 1, 2021, data released by the State Bank of Pakistan (SBP) revealed.

According to data of the central bank, it has cumulatively dropped 12.41% (or Rs18.91) since its recent high of Rs152.27 against the greenback recorded on May 14, 2021.

The analysts had earlier predicted that the downtrend is expected to end soon as analysts suggest that the successful conclusion of the discussion between the IMF and Pakistan to resume a $6 billion loan programme will stabilise the rupee value at around current levels.

“The rupee volatility will end if policy talks between Pakistan and the IMF conclude successfully during the three days from October 13 to 15,” Pakistan-Kuwait Investment Company Head of Research, Samiullah Tariq, had told

In line with the prediction, the currency traded between a range of Rs170-171 during the week.

Advertisement. Scroll to continue reading.

It is pertinent to mention here that the central bank has opted for a flexible exchange rate to let market forces decide the per dollar value of the rupee keeping in view the demand and supply of the foreign currency.

However, in case the two sides fail to find a middle ground and talks end on an unsuccessful note, the rupee may cross several limits on the downside.

The analysts had also mentioned that the steps taken by the government and the central bank to reduce pressure on the rupee would start bearing fruit from November or December.

Source link

Click to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Online Business Success

Black Friday is one of the busiest shopping days of the year. In the minds of many consumers, it represents the official start of...

Top Stories

Bitcoin’s (BTC) dominance has dropped from about 48% on Oct. 20 to 42.3% on Nov. 7 while the total crypto market capitalization has continued...

Loan And Finance

Cyber insurance remains a luxury for some, according to a new whitepaper in which data analytics firm Verisk shines a spotlight on the opportunities...

Top Stories

Nonfungible token-based projects like Loot and The N Project have helped spike interest in the Metaverse to an all-time high, raising hopes again that...


A recent study from Syntax reveals that 51% of IT leaders reported they would be unable to successfully mitigate a data breach or ransomware...

Top Stories

A simple guide to explain what a directed acyclic graph (DAG) is in cryptocurrencies, how it is used and how it works. Source link

Top Stories

Meme tokens and dogcoins have been an integral part of the ongoing market-wide bull run in the cryptocurrency markets. Among the plethora of these...


The Microsoft Surface Laptop 4 is just $699.99 (was $899.99) in today’s early Black Friday laptop deals at Best Buy – one of the...


You May Also Like

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...


In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...


Sonos is one of the most popular wireless speaker brands in the world, and for good reason – its range of portable Bluetooth speakers,...

Online Business Success

File photo The Economist Intelligence Unit (EIU) has said that inflation will remain high in Pakistan for the next six months and the rupee...