Connect with us

Hi, what are you looking for?

Online Business Success

Rupee closes 2021 with third highest single-day recovery

390827 081147 updates

— Reuters/File
— Reuters/File
  • Local currency appreciates by Re1.
  • Rupee has depreciated by 12.04% since July 1, 2021.
  • Suspected intervention by SBP helped the local unit recover.

KARACHI: The Pakistani rupee recovered some of its lost value in the interbank market on Friday as the local currency appreciated by Re1 to Rs176.51 against the US dollar.

According to Arif Habib Limited, the Pakistani rupee recovered 0.57% day-on-day, closing at 176.51. “This is the third-highest recovery of the calendar year 2021,” the brokerage house added.

The rupee has maintained the downtrend for the past seven months. It has lost 15.91% (or Rs24.24) to date, compared to the 22-month high of Rs152.27 recorded in May.

With a fresh rise of 0.57%, the rupee has depreciated by 12.04% (or Rs18.96) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

Suspected intervention by the State Bank of Pakistan (SBP) helped the local unit recover from the record low hit in the previous session, while approval of the supplementary budget by the cabinet to secure funding from the International Monetary Fund also boosted sentiment.

According to dealers, the central bank had pumped dollars into the market to prevent further fall. It is pertinent to mention here that the local currency dropped to an all-time low of Rs178.24 against the greenback on December 29, 2021.

Analysts said the fulfilment of prior actions to complete the sixth review of the IMF offered some comfort to investors, improving their sentiments on the outlook for the rupee.

Currency dealers had earlier said that recent measures taken by the State Bank of Pakistan (SBP), i.e., tightening of the regulations related to foreign currency buying and the frequent liquidity injections in the banking system have helped stabilise the rupee.

Advertisement. Scroll to continue reading.

Source link

Click to comment

Leave a Reply


Online Business Success

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich, Switzerland, on November 20, 2014. — Reuters...

Top Stories

Bitcoin (BTC) struggled to recover its latest losses on May 21 after Wall Street trading provided zero respite. BTC/USD 1-hour candle chart (Bitstamp). Source:...

Loan And Finance

Electric vehicles are becoming increasingly popular as gas prices skyrocket. In fact, automakers plan to pivot to largely electric lineups in the coming decade,...

Top Stories

The past week in the decentralized finance (DeFi) ecosystem was dominated by Terra’s collapse and its aftermath on various ecosystems it was connected. Now...


Why it matters: Opportunities to increase RAM performance typically come from the extreme memory profile (XMP) set by the manufacturer or enthusiasts with enough...

Top Stories

What is a DAO? A DAO, or decentralized autonomous organization, is an online-based organization that exists and operates with no single leader or governing...


You May Also Like


Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...