One rupee 52 paise increase in the value of the dollar At the close of trading the dollar had risen to Rs 159.81. Market sources Karachi (10...
At the close of trading the dollar had risen to Rs 159.81. Market sources
Karachi (10bmnews News Latest - International Press Agency) According to the data released by the State Bank of Pakistan the rupee depreciated against the dollar once again and the dollar has become 52 paise more expensive. According to the Exchange Companies Association of Pakistan in the interbank market, the rupee depreciated by 1.95 and the dollar was sold at Rs 160.20 paise while yesterday it was sold at Rs 158.25. After remaining balanced for the past two weeks the rupee has once again fallen to Rs 1.5 against the dollar while the dollar had lost Rs 160 during trading.
He said that the depreciation of the rupee was often due to speculation. He said that the impending visit of International Monetary Fund (IMF) officials to Pakistan and the recent news of the start of talks had alarmed the importers and their imports. I reduced. Sana Tawfeeq said that some banks changed their position which put more pressure on the currency but we believe that the Pakistani rupee will remain in the range till December and will be at the level of 161 rupees by the end of this year.
Yesterday Dr. Abdul Hafeez Sheikh Advisor to the Prime Minister on Finance had said that the IMF staff mission would arrive in Pakistan in a few weeks to take steps related to tax reforms, tariffs and improvements in the energy sector. The rupee was 16 paise an improvement of Rs 6.1 after hitting a low of Rs 168.44 on August 26.
According to Bloomberg data the rupee is the third best performing currency in Asia followed by the South Korean won and the Indonesian rupiah respectively. Zafar Paracha general secretary of the Exchange Companies Association of Pakistan said the rupee's depreciation could be linked to oil payments and some imports. The fluctuations are temporary and the next few The rupee will appreciate in days to come. The exchange rates were more stable at the end of last week as the dollar depreciated against the rupee and reached an eight-month low in the open market.
According to the report the dollar fell below Rs 158 in the open market on November 13 but in the interbank market that closed on Friday it remained slightly above Rs 158. In this regard the President of the Forex Association of Pakistan Malik Bostan said that the United States The post-election uncertainty weakened the US dollar internationally. Looking at other foreign currencies, the euro was at 1. 1.17 on October 1 and reached 18 1.18 on November 14 while the British pound was at 29 1.29 on October 1 and reached 1.31 on November 14.