Connect with us

Hi, what are you looking for?

Online Business Success

Rupee resumes upward trend against US dollar

395695 050355 updates


Stack of Rs5,000 and Rs1,000 notes. — AFP/File
Stack of Rs5,000 and Rs1,000 notes. — AFP/File
  • Rupee gains 0.12% to close at Rs176.77 against the US dollar.
  • Local currency has depreciated by 12.2% since July 1, 2021.
  • Forex reserves fall by 4.96% on a weekly basis.

KARACHI: The Pakistani rupee ended the week by resuming its upward movement against the US dollar after recording losses since last four session.

The local currency recorded an increase of 0.12% to close at Rs176.77 in the inter-bank market on Friday

After posting a fresh gain of 0.12%, the Pakistani rupee has depreciated by 12.20% (or Rs19.23) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

The rupee has maintained the downtrend for the past nine months. It has lost 16.08% (or Rs24.5) to date, compared to the 22-month high of Rs152.27 recorded in May 2021.

Investors remained on the sidelines after the news that the Executive Board of the IMF has once again delayed Pakistan’s sixth review.

It is pertinent to mention here that the IMF website, which lists its Executive Board Calendar, showed Pakistan’s discussion would be taken up on February 2.

Meanwhile, the foreign exchange reserves held by the central bank fell 4.96% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On January 21, the foreign currency reserves held by the SBP were recorded at $16,190.1 million, down $846 million compared with $17,035.7 million on January 14.

Advertisement. Scroll to continue reading.

According to the central bank, the decrease came due to external debt and other payments.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $22,482.1 million. Net reserves held by banks amounted to $6,292 million.



Source link

Click to comment

Leave a Reply

Latest

Social Media

The hits just keep on coming at Twitter HQ. This week, Twitter has agreed to pay a $150 million settlement to the FTC over...

Technology

Why it matters: Rumors of Microsoft’s plans for a game-streaming device have circulated since at least 2016, and the company confirmed its efforts towards...

Technology

We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 – 28. Join AI and data leaders for insightful...

Loan And Finance

Authored by AXA XL AXA XL has named Libby Benet to the role of Global Chief Underwriting Officer (GCUO), succeeding Nancy Bewlay, who recently...

Social Media

Social media managers, rejoice – today, TikTok has added a new set of social media management platforms to its Marketing Partners Program, which will...

Top Stories

The cryptocurrency market was hit with another round of selling on May 26 as Bitcoin (BTC) price dropped to $28,000 and Ether (ETH) briefly fell...

Advertisement

You May Also Like

Uncategorized

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...

Advertisement