Pakistani rupee revived by 7 paisas against US dollar
March 1, 2022 11:52 AM
After losing 36 paisas against the US dollar on Monday, the value of the rupee once again appreciated during the interbank daytime trading activity, reported 24NewsHD TV channel.
According to the buying and selling forex rates on Tuesday, the UD dollar was being exchanged for Rs177.40. Yesterday, the rate of the UD dollar was Rs177.47 at the time of closing.
https://twitter.com/StateBank_Pak/status/1498243552572227585
The forex rates in Pakistan oscillate on daily basis due to different economic factors.
It is pertinent to mention here that during the last six days, the value of the US dollar has appreciated by Rs1.64.
The economic experts are of the view that rupee is under pressure due to import bill and debt repayment obligations.
The rate of US dollar which was galloping high before the release of IMF’s stalled $1 billion tranche, was stopped after the loan programme was revived early this month. However, the greenback has now roared back making strides in the money market.
The International Monetary Fund's Executive Board on Feb 2 approved the 6th tranche for Pakistan. The IMF Board met in Washington to take up Pakistan’s request for the completion of the sixth review and released $1 billion tranche under the Extended Fund Facility (EFF).