Rupee strikes back; gains Rs1.48 against greenback in interbank market
(Web Desk) The Pakistani rupee recovered from its previous two-day losses and appreciated by Rs1.48 against the US dollar in the interbank trading to close at Rs278.81 on Thursday.
— SBP (@StateBank_Pak) October 19, 2023
On Wednesday, the Pakistani rupee registered a significant loss against the greenback. The local currency depreciated by 1.16 percent in the interbank market and closed at Rs280.29 after a decrease of Rs3.26.
— SBP (@StateBank_Pak) October 18, 2023
Experts said yesterday’s decline in the rupee’s value came amid higher demand for the dollars to make upcoming foreign payments.
Analysts believed that the reversal of the month-long trend in the foreign exchange market was reflective of growing pressure on the dollar. There’s a higher demand for the greenback in the banking market for upcoming foreign payments, which is leading to some erosion in the rupee’s newfound strength, they opined.
A favourable review by the IMF will pave the way for foreign exchange inflows from other multi-laterals, the experts said, adding in addition, upcoming data on export proceeds and overseas workers’ remittances will also help determine the exchange rate direction.