US dollar keeps dragging Pakistani rupee down with heavy margin
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The rupee-dollar parity keeps showing a trend of oscillation as the US currency gains another Rs1.56 to its value against Pakistani rupee in the interbank trading on Tuesday, reported 24NewsHD TV channel.
Interbank closing #ExchangeRate for todayhttps://t.co/4e2n3i6IVW pic.twitter.com/ZAb2bzXMWB
— SBP (@StateBank_Pak) September 6, 2022
According to the data received from the foreign exchange market, the US dollar ended the day at Rs221.42, up by Rs1.56 from yesterday’s close of Rs219.86. In two days' span, the US dollar has gone up by Rs2.44.
Interbank closing #ExchangeRate for todayhttps://t.co/CZSqLwszHJ pic.twitter.com/Rj4O7hL7xn
— SBP (@StateBank_Pak) September 5, 2022
The Pakistani rupee was expected to gain in its value after the country received IMF’s disbursement worth $1.16 billion in the last week of August, but still the local unit’s comeback seems a far cry.
Several factors including dismal macros owing to large-scale destruction by recent floods, extremely high ratio of inflation and increasing political noise are putting adverse pressure on rupee which is not appreciating despite a bit of swelling in country’s foreign exchange reserves.
However, Zafar Paracha, President of Exchange Companies Association of Pakistan (ECAP) was quite hopeful about the recovery of rupee as she told the Mettis Global that the rupee’s appreciation might go up to PKR 200 per USD in the upcoming months in the backdrop of IMF loan disbursement and expected funds from other friendly countries.
During the last 52 weeks, rupee lost 23.78% against the greenback while reaching its lowest at Rs239.94 on July 28, 2022, and the highest at Rs166.9 on September 03, 2021.