Pakistani rupee strikes back hard at US dollar in interbank market

Published: 08:40 PM, 19 Oct, 2023
Business
Pakistani rupee strikes back hard at US dollar in interbank market

The Pakistani rupee struck back hard at the US dollar in the interbank market on Thursday, a day after the greenback had gained massively against the local currency, reported 24NewsHD TV channel.

As per the State Bank of Pakistan, the Pakistani rupee appreciated by Rs1.48 against the US dollar and ended the day at at Rs278.81.

On Wednesday, the Pakistani rupee has registered significant loss against the US dollar, as it depreciated 1.16% in the interbank market. At close, the rupee had settled at Rs280.29 after a decrease of Rs3.26.

Experts said yesterday’s decline in rupee’s value came amid higher demand for the dollars to make upcoming foreign payments.

Analysts believed that the reversal of the month-long trend in the foreign exchange market was reflective of growing pressure on the dollar. There’s a higher demand for the greenback in the banking market for upcoming foreign payments, which is leading to some erosion in the rupee’s newfound strength, they opined.

A favourable review by the IMF will pave the way for foreign exchange inflows from other multilaterals, the experts said, adding in addition, upcoming data on export proceeds and overseas workers’ remittances will also help determine the exchange rate direction.

 

Reporter Ashraf Khan

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