US dollar loses steam after day-long hammering of Pakistani rupee

By: News Desk
Published: 10:29 AM, 22 Nov, 2022
US dollar loses steam after day-long hammering of Pakistani rupee
Caption: Representational image.
Stay tuned with 24 News HD Android App
Get it on Google Play

The US dollar which smashed through the Rs224 barrier on Tuesday by hammering the Pakistani rupee all day long lost steam at the end of the day in the interbank business, reported 24NewsHD TV channel.

According to the forex dealers, the greenback appreciated by 34 paisas taking it to the Rs224 level but towards the end of the day it lost 24 paisas and ended the day at Rs223.42.

The US dollar ended the day on Monday at Rs223.66, soaring by 0.22%.

During the previous week, the rupee lost value in all five sessions to close at 223.17 against the greenback in the inter-bank market amid reports that talks with the International Monetary Fund (IMF) have been further delayed as the global lender linked arrival of its mission in Islamabad with finalisation of macroeconomic framework with necessary adjustments.

The Pakistani rupee saw somewhat greater pressure towards the end of the week, with investors also concerned over rising domestic political noise and declining foreign exchange reserves.

In a key development, Pakistan’s current account deficit (CAD) clocked in at $0.57 billion in October 2022, against a deficit of $0.36 billion reported in September 2022, registering an increase of over 56%, the State Bank said on Monday.

Reporter Ashraf Khan