Current AffairsBusiness

Rupee Starts Losing Against US Dollar After 8 Successive Days of Gains

The Pakistani Rupee (PKR) depreciated against the US Dollar (USD) and posted losses in the interbank market today. It lost three paisas against the greenback after hitting an intra-day high of Rs. 174.15 against the USD during today’s open market session.

It depreciated by 0.02 percent against the USD and closed at Rs. 174.50 today after gaining one paisa and closing at 174.47 in the interbank market on Monday, 7 February.

The rupee closed in the red against the dollar for the first time in nine interbank wrap-ups. Today’s losses come as the local exchange unit continues to struggle against various factors threatening to impede fiscal progress. While the remittances, through the Roshan Digital Accounts (RDAs), for January have offered encouragement, last week’s inflows of $1.05 billion from the International Monetary Fund (IMF) and $1 billion Sukuk proceeds are yet to offer anything of the sort.

Discussing the rupee’s near-term outlook earlier in the day, the former Treasury Head of Chase Manhattan Bank, Asad Rizvi, noted on Twitter, “Despite Sukuk & IMF inflow, PKR is struggling to take a breather. REMIT/EXP have inched up. The RDA deposit of $ 3.4bn is encouraging Higher Oil prices is surly [sic] hurting. But what about our AGRI POLICY? Why don’t we adapt to changing needs & stop blaming int’l market prices?”

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">INTER BANK<br><br>Despite Sukuk &amp; IMF inflow <a href=";ref_src=twsrc%5Etfw">#PKR</a> is struggling to take a breather. REMIT/EXP have inched up. RDA DEPO of $ 3.4bn is encouraging. Higher Oil prices is surly hurting. But what about our AGRI POLICY? Why don’t we adopt to changing needs &amp; stop blaming int’l market prices?</p>&mdash; Asad Rizvi 🇵🇰 (@asadcmka) <a href="">February 8, 2022</a></blockquote> <script async src="" charset="utf-8"></script>

The PKR reversed its good run against the other major currencies and reported losses in the interbank currency market today. It lost 50 paisas against the Canadian Dollar (CAD), 57 paisas against the Australian Dollar (AUD), 16 paisas against the Pound Sterling (GBP), and held out against both the Saudi Riyal (SAR) and the UAE Dirham (AED).

Conversely, it gained 51 paisas against the Euro (EUR) in today’s interbank currency market.

Related posts
Current AffairsPakistan

Electricity crisis and the rising spectre of social unrest

There has been an increase of 108% in gas bills. Only 20% of total electricity bill pertains to…
Read more

12,500 jobs at risk as retailer collapses

British homeware and household goods discount retailer Wilko said it had fallen into administration…
Read more

Pakistan okays agreement for Karachi Terminal deal with UAE

ISLAMABAD: Pakistan has approved a commercial agreement to hand over two more seaport terminals to…
Read more
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *