Pakistani rupee’s positive run against US dollar tumbles
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The Pakistani rupee’s run against the US dollar fell flat on Wednesday as the mighty greenback set aside all the pressure and went up in the interbank business, reported 24NewsHD TV channel.
The rupee demonstrated a resilient show during the last two days after Finance Minister Ishaq Dar’s warning to the foreign exchange companies but on Wednesday it was again cornered by the world’s most powerful currency.
According to the forex dealers, the US dollar went up by 78 paisas and ended the day at Rs221.43.
Interbank closing #ExchangeRate for todayhttps://t.co/ndFr4u83rT pic.twitter.com/gyFwke458T
— SBP (@StateBank_Pak) November 2, 2022
The greenback closed the day on Tuesday at Rs220.65.
Interbank closing #ExchangeRate for todayhttps://t.co/nBdMIccDbv pic.twitter.com/D9HsH4qoRx
— SBP (@StateBank_Pak) November 1, 2022
Analysts were of the view that the local currency now has taken a breather as there was no additional positive news to fuel its positive streak against the US dollar.
They opined that the rupee had improved after the government had announced several steps to boost the money market and it was also expecting an economic package for Pakistan from China, as Prime Minister Shehbaz Sharif began his two-day visit to Beijing.
Another reason for the rupee’s appreciation during the last two days was the sinking of the US dollar from a one-week high against a basket of major international currencies.
Reporter Ashraf Khan