Rupee gains 47 paisas against dollar

KARACHI: The rupee gained 47 paisas against the dollar on Tuesday after certainty in external inflows.

The exchange rate ended at Rs174.30 against the dollar from the previous day’s closing of Rs174.77 in the interbank foreign exchange market.

The dealers said the market opened positively; following an announcement made by Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin that the International Monetary Fund (IMF) Board to approve the next tranche to Pakistan on January 12, 2022.

The adviser also explained how the country would implement the prior actions set by the IMF.

The rupee made gains for the second consecutive day after issuance of the monetary policy statement on November 19, 2021.

The dealers said large imports are still a threat to the rupee stability. The import bill also resulted in ballooning of the current account deficit.

Pakistan’s current account deficit sharply widened to $5.08 billion during the first four months (July-October) of the current fiscal year, compared with a surplus of $1.31 billion in the same period of the last year.

The rupee remained under pressure since the start of the current fiscal year. The local currency fell Rs16.74, or 10.73 per cent, from June 30, 2021 closing of Rs157.54 to the closing of Rs174.30 on November 23, 2021.

The local unit hit the all-time low of Rs175.73 against the greenback on November 12, 2021 in the interbank foreign exchange market.

In the open market, the buying and selling of the dollar have been recorded at Rs175.50/Rs177 at the time of the filing of this report.

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