External payments, debts halt rupee’s recovery against dollar
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The Pakistani Rupee continued upward trend against US dollar during the week ending on October 14 as it gained Rs 1.96 or 0.89% to close at Rs 217.96 on Friday compared to the close of Rs 219.92 on the last working day of previous week.
However, the last three days of the business week saw pressure on the rupee due to repayment of external debt and other payables.
In the open market, the dollar became expensive by four rupees in a week and reached Rs226.
After hitting the all-time high of Rs239.71 against the greenback on September 22, 2022, the Pak rupee has showed strong recovery of around 9% and has so far gained Rs 21.75.
Experts say that there was pressure on the rupee in the last days of the week due to external debt and other payments.
According to the report, $303m were paid in the form of commercial loans and Eurobond interest payments. While the reserves of the State Bank decreased by $303m dollars to $7.59billion.
While comparing with other major international currencies, the Pak rupee also appreciated by 1.02% against Euro and gained Rs 2.2 to close at Rs 213.27 on Friday against the last week’s close of Rs 215.47. Similarly, Pak Rupee also recovered 2.44% or 4 paisa against the Japanese Yen to close at Rs 1.4807 compared to the last Friday’s close of Rs 1.5178.
In the open market, Euro has increased by Rs.3 to reach Rs224 and British Pound has become expensive by Rs3 to reach Rs256.
While the UAE dirham increased by Rs1 to reach Rs62.50 and the Saudi riyal became expensive by Rs1.80 to reach Rs60.8.
Reporter: Ashraf Khan