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Rupee continues to bleed against dollar

Rupee continues to bleed against dollar

Rupee continues to bleed against dollar

Rupee strengthens against dollar for 11th consecutive session

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KARACHI: The rupee continued its downward trend, as it declined to Rs221.92 against the dollar, amid deteriorating economic conditions of the country, dealers said.

The local unit shed Rs1.26 to close at Rs221.92 to the dollar from Friday’s closing of Rs220.66 in the interbank foreign exchange market.

The analysts said that the latest decline in the value of the rupee came as Pakistan is facing one of its worst crises on the economic front. The country’s foreign exchange reserves have been shrinking continuously which kept the local currency under pressure.

The foreign exchange reserves of the country took a dip as the reserves held by the State Bank of Pakistan (SBP) fell $87 million, to clock-in at an alarming level of $7.81 billion as of August 19.
The total liquid foreign reserves held by the country stood at $13.52 billion. The net foreign reserves held by commercial banks amounted to $5.71 billion.

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The rupee has been losing value despite Saudi Arabia confirmed its plan to invest $1 billion in Pakistan. Additionally, the Qatar Investment Authority (QIA) also announced that it aims to invest about $3 billion in different sectors of Pakistan.

Although Pakistan has met all the pre requisite conditions of the International Monetary Fund (IMF) ahead of the lender’s board meeting on August 29, the development failed to revive market sentiments.
Likewise, the dollar surged to a 20-year high against major currencies on Monday after the US Federal Reserve signalled that the interest rates would be kept higher for longer to bring down soaring inflation.

The market witnessed shortage of foreign currency, particularly the UAE dirham, after Dubai authorities made it essential for Pakistanis to have 5,000 dirhams when landing at Dubai airport.
The country’s current account deficit rose 531 per cent to over $17 billion during the fiscal year 2022 due to massive increase in goods import bill. Overall, the current account deficit was $17.4 billion during the fiscal year 2022, compared with $2.8 billion in the fiscal year 2021, depicting an increase of $14.6 billion.

The local currency remained under pressure since the start of the current fiscal year. The rupee lost Rs17.07 or 8.33 per cent from Rs204.85 to dollar on June 30, 2022 to the current level of Rs221.92.

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At the open market, the buying and selling of the dollar was recorded at Rs229.5 and Rs232 at 3:45pm PST.

Also Read

Dollar to PKR – US Dollar rate in Pakistan, 29 Aug 2022
Dollar to PKR – US Dollar rate in Pakistan, 29 Aug 2022

USD TO PKR buying exchange rate is 221.92 as per Pakistan Interbank...

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