Connect with us

Hi, what are you looking for?

Online Business Success

Rupee closes week at Rs178.13 against US dollar


— AFP/File
— AFP/File
  • The local currency settles at Rs178.13 against the greenback compared to its last close of Rs178.12.
  • Rupee has depreciated by 13.07% since July 1, 2021.
  • SBP foreign exchange reserves decrease by 2.23% on a weekly basis.

KARACHI: In line with the prevailing trend during the week, the Pakistani currency shed 0.01% against the US dollar on the last trading day of the week.

The local currency settled at Rs178.13 against the greenback compared to its last close of Rs178.12 against the US currency a day earlier.

The rupee has maintained the downtrend for the past seven months. It has lost 16.98% (or Rs25.86) to date, compared to the 22-month high of Rs152.27 recorded on May 14.

With a fresh increase of 0.01%, the rupee has depreciated by 13.07% (or Rs20.59) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

A currency dealer had said: “We expect the rupee to continue to follow a range-bound trading pattern with a slight depreciation next week.”

The rupee had been under pressure on the back of the rising trade deficit amid higher imports. However, the central bank’s recent measures such as its forward guidance to signal to the markets that it would hold the interest rates in the near-term, a big liquidity injection into the money market and tightening of the rules related to buying of the foreign currency from exchange companies kept the rupee stable.

However, sentiment on the rupee remained bearish during the week as traders were worried about persistent fall in the country’s foreign exchange reserves caused by increasing imports and foreign debt servicing.

It is pertinent to mention here that the State Bank of Pakistan’s (SBP) foreign exchange reserves decreased by 2.23% on a weekly basis, data released by the central bank showed on Thursday.

Advertisement. Scroll to continue reading.

On December 17, the foreign currency reserves held by the central bank were recorded at $18,153.7 million, down by $415 million compared with $18,568.3 million on December 10.



Source link

Click to comment

Leave a Reply

Advertisement

Latest

Online Business Success

— AFP/File The local currency settles at Rs178.13 against the greenback compared to its last close of Rs178.12. Rupee has depreciated by 13.07% since...

Technology

In letter: Tesla is to push out an update that will disable its vehicles’ Passenger Play feature, preventing video games from being played on...

Top Stories

In his monthly crypto tech column, Israeli serial entrepreneur Ariel Shapira covers emerging technologies within the crypto, decentralized finance (DeFi) and blockchain space, as...

Online Business Success

— AFP/File News of the upcoming mini-budget play on investors’ minds and they resort to offloading their stockholdings. Benchmark KSE-100 index sheds 148.52 points...

Top Stories

2021 was a breakout year for the cryptocurrency market in many respects and most investors are absolutely thrilled that Bitcoin (BTC) price established a...

Top Stories

‘Twas the night before Christmas, when all thro’ the Twittersphere Not a troll was stirring, not even a financier; The crypto was HODLed in...

Technology

Hear from CIOs, CTOs, and other C-level and senior execs on data and AI strategies at the Future of Work Summit this January 12,...

Loan And Finance

Stuart Torrance will lead the dedicated claims team at H&H Insurance Brokers, which operates across the North of England, the Scottish Borders and Wales....

Advertisement

You May Also Like

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...

SEO Guide

How to index website on Google? Do you want to drive more organic traffic to your new website? I am sure your answer is...

Blogging

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

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...

Advertisement