Dollar Rate Continues to Gain
KARACHI: In the interbank market on Monday, the rupee lost about 0.05 percent versus the US dollar, with currency analysts predicting that the negative trend will continue this week.
Dollar Rate continues to gain, while the rupee falls by 0.05 percent. The dollar ended the day at Rs168.10, up from Rs168.02 on Friday, which was the lowest level since August 2020.
In May 2021, the rupee reached a 22-month high of Rs152.27, but it has since been on the decline, losing 9.4% of its value.
During the coming week, the local currency is projected to fluctuate between 168 and 168.40. Dollar Rate continues to gain, while the rupee falls by 0.05 percent.
The rupee may experience some volatility as the State Bank of Pakistan (SBP) announces its monetary policy on September 20.
Players tend to be cautious ahead of the central bank’s monetary policy announcement, waiting to observe how the SBP would approach interest rates before taking new positions. Dollar Rate continues to gain, while the rupee falls by 0.05 percent.
Furthermore, the International Monetary Fund (IMF) programme is a source of uncertainty. “All eyes are on the IMF review — coming later this month,” Arif Habib Limited Head of Research Tahir Abbas told Geo.tv earlier. Dollar Rate continues to gain, while the rupee falls by 0.05 percent. If the IMF’s $6 billion initiative is restarted, the pressure on the local currency will be relieved.
Dollar Rate continues to gain, while the rupee falls by 0.05 percent. On Monday, the rupee closed at Rs168.10 versus the US dollar in the interbank market.
In May 2021, the rupee reached a 22-month high of Rs152.27, and it has since fallen by 9.4%.
The rupee may move a little as all eyes are on the SBP’s monetary policy announcement on September 20.
