Pakistani rupee moderately gallops against US dollars

Pakistani rupee moderately gallops against US dollars

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KARACHI: The rupee strengthened against the US dollar at Rs121.45/121.65 in the inter-bank market on Friday compared with Thursday’s close of Rs121.6/121.8.

With regard to past week, rupee value is on the verge of continuous depreciation. However, Pakistani currency debilitated further by 3.65% in its third round of rupee depreciation last week.

Since December, rupee has cumulatively shed close to 13% of its value after the central bank reportedly refrained from intervening in response to the pressure due to a widening current account deficit.

The State Bank of Pakistan (SBP) has maintained that the slide in the rupee’s value is due to uncertainty caused in the supply and demand of foreign exchange in the inter-bank market which ultimately effects foreign reserves.

 

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