US dollar rises further against the Pakistani Rupee

US dollar rises further against the Pakistani Rupee

The US Dollar exchange rate against the Pakistani Rupee on Friday—the fifth day of the business week appreciated in the InterBank Foreign Exchange market.

According to official data, the US Dollar against PKR elevated by 14 paisas in the interbank market to close at 157.68.

It may be recalled that during the current financial year, the exchange rate fluctuated sharply and in August 2020 (FY 21), the rupee depreciated to its lowest level against the dollar, reaching Rs168.70 on August 20 last year.

Since August 26, the dollar has depreciated by almost Rs15 in the interbank market, while in seven months the dollar has depreciated from Rs168.43 to Rs154.40 in the interbank market.

The rupee had traded at Rs 161.13 on January 16 this year, gaining Rs2.32 per dollar or 1.4 per cent.

On February 12, the dollar traded at Rs158.81 in the interbank market, the lowest level in three months.

“The supply and demand position of dollars and the upcoming data on the country’s forex reserves will determine the future direction of the rupee. The rupee should conclude this month at Rs157.2 – 158.8 per dollar,” said a currency exchange dealer.

It should also be noted that the depreciation of the dollar and the rupee's appreciation came when the International Monetary Fund (IMF) delayed its program for Pakistan for more than a year.