Connect with us

Hi, what are you looking for?

Online Business Success

Rupee reverses downward slide, gains 0.07% against US dollar

404483 060037 updates


Pakistani notes. — AFP/File
Pakistani notes. — AFP/File
  • Rupee closes at Rs178.51 against greenback in interbank market.
  • Recovery comes after oil prices stabilise in international market.
  • Local currency dropped to an all-time low of Rs178.63 on March 9.

KARACHI: The rupee recovered partially around 0.07% against the US dollar in the inter-bank market on Friday.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs178.51 against the greenback, recording a gain of 0.07%.

The local currency dropped to an all-time low of Rs178.63 on March 9.

The currency remained under pressure in the last few days due to geopolitical tensions and rising oil prices. 

However, the recovery came after oil prices stabilised on Friday and were on track for their biggest weekly drop since November, after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers.

Read more: World Bank approves $345m to finance three projects in Pakistan

At the same time, remittances crossed the $20-billion mark during the first eight months of the ongoing fiscal year, according to SBP data released on Thursday, with the market now keenly awaiting the current account figures.

The rupee had maintained a downward trend for the past 10 months. It has lost 17.23% (or Rs26.24) to date, compared to the record high of Rs152.27 recorded in May 2021.

Advertisement. Scroll to continue reading.

The Pakistani rupee has depreciated by 13.31% (or Rs20.97) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

Meanwhile, the foreign exchange reserves held by the central bank decreased 1.52% on a weekly basis.

On March 4, the foreign currency reserves held by the SBP were recorded at $16,212.2 million, down $250 million compared with $16,462.3 million on February 25.

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 $22,668.7 million. Net reserves held by banks amounted to $6,456.5 million.

.



Source link

Click to comment

Leave a Reply

Latest

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...

Top Stories

United States Securities and Exchange Commission (SEC) chair Gary Gensler is in talks with Commodity Futures Trading Commission (CFTC) officials on a “memorandum of...

Online Business Success

Business professionals in a meeting presentation discussing company growth getty You’ve got a product the team’s excited about. The group wants to start getting...

Social Media

Are you looking for ways to improve your social media content? Want to add video to your strategy but not sure where to start?...

Top Stories

Sky Mavis, the creator of the play-to-earn game Axie Infinity (AXS), announced that it will reimburse victims of the Ronin bridge hack and reopen...

Technology

In context: Intel’s Arc A-series family of discrete GPUs may turn out to be this year’s most underwhelming hardware release. And that’s despite the...

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....

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...

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

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