- The rupee closes at Rs168.52 against the US dollar in the inter-bank market on Tuesday.
- The rupee has depreciated by 4.1% since the MPC meeting in July.
- Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq predicts that the rupee will trade in the same range.
KARACHI: The Pakistani currency appreciated around 0.12%, or 22 paisas, to close at Rs168.52 against the US dollar in the inter-bank market on Tuesday.
According to the daily data released by the State Bank of Pakistan, the rupee closed at Rs168.72 in the inter-bank market on Monday (September 20).
Speaking to Geo.tv, Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq said: “These minimal fluctuations are because of the corrective measures taken by the government and central bank.”
The analyst added that textile exporters have started selling the US currency which has slightly improved the rupee-dollar parity.
“Going forward, the local currency is expected to trade in the same range, however, a clear direction will be seen next month considering the trade data,” Tariq predicted.
On Monday, in its Monetary Policy Statement (MPS), the central bank had said: “The current account deficit rose to $0.8 billion in July and $1.5 billion in August, while remittances remained strong, growing by 10.4% (year-on-year) during July-August and exports also performed reasonably well (averaging $2.3 billion per month).”
“In response, the rupee depreciated by 4.1% since the last Monetary Policy Committee (MPC) meeting,” it said, adding that the MPC noted that many other currencies have also depreciated recently as expectations of tapering by the United States Federal Reserve have been brought forward.