Pakistani rupee marches ahead against US dollar

By: News Desk
Published: 11:01 AM, 31 Aug, 2022
Pakistani rupee marches ahead against US dollar
Caption: Representational image.
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The Pakistani rupee on Wednesday kept up its upward momentum in a forceful way and gained Rs1.37 in the interbank trading, reported 24NewsHD TV channel. 

The Pakistan currency appreciated by Rs1.37 against the US dollar closed at Rs218.75 in the interbank.

According to the foreign exchange dealers, the Pakistan currency appreciated by Rs2.12 against the US dollar which was being traded at Rs218 in the interbank by noon. However, in the afternoon session, the US dollar regained some value as it closed at Rs218.75.  

Yesterday, the rupee's value was appreciated by Rs1.80 bringing down the rate of US dollar to Rs220.12. 

The IMF on Monday revived Pakistan’s loan programme and its board approved the $1.17 billion loan disbursement thus paving the way for economic headway of otherwise forex reserves-starved country whose currency was fast losing its value. 

It was hoped that after the IMF loan approval, the Pakistani rupee would be appreciated considerably but it could not happen. Though the rupee is making gains but the large-scale destruction by recent floods and rains which have caused massive loss of crops, livestock, bridges, and roads, and the displacement of 30 million people, is hampering rupee’s recovery as country’s exports are bound to suffer and the country has to bear enormous rehabilitation expenses. 

Besides this, the State Bank does not want a significant dollar depreciation believing that the exporters would get benefits from it and off-load their dollar holdings.