Pakistani rupee bounces back against US dollar

After a continuous downward trend, the Pakistani rupee on Thursday gained 28 paisas against the US dollar as it reached Rs166 from Rs165.28 in the inter-bank trading, reported 24NewsHD TV channel.

While on Wednesday, the Pakistani currency closed at Rs166.28 against the US dollar after losing Rs1.08 in a single day. 

Economist Asad Rizvi said,” On March 31/21 Rupee closed at 152.7586. It has so far lost 9% of its value due to unfavorable trade gap caused by higher import bill. SBP’s absence to maintain Fx Reserve target is adding pressure on #PKR that risks sharp hike in inflation rate if it goes in checked.”

I/B MARKET

On March 31/21 Rupee closed at 152.7586. It has so far lost 9% of its value due 2 unfavourable trade gap caused by higher import bill.
SBP’s absence 2 maintain Fx Reserve target is adding pressure on #PKR that risks sharp hike in inflation rate if it goes in checked

— Asad Rizvi (@asadcmka) August 26, 2021

Pakistan received $2.75 billion from the International Monetary Fund (IMF) under a Special Drawing Rights (SDR) programme to support low-income countries affected by the coronavirus.

Reporter Ashraf Khan