Rupee continues to register marginal losses against dollar

The rupee continued to register marginal losses against the US dollar, closing at Rs218.43 on Friday.

According to State Bank of Pakistan (SBP), the rupee that had closed at 218.38 on Thursday depreciated further by 0.02 percent or Rs0.05 on the last working day of the week in the interbank market.

The rupee had also marginally lost against the US dollar on Thursday when its depreciation was recorded at Rs0.50 or 0.23 percent.

With the shift in sentiment after Dar’s appointment as finance minister coupled with the actions taken by the SBP against currency speculators, the rupee had showed a recovery throughout the early 13 days of the month.

On the other hand, the greenback also recovered internationally after a volatile overnight session where the inflation data of the US had pointed a more aggressive interest rate hike.

The vital determinant of currency parity – oil prices – also remained stable on Friday. Global recession fears and weak Chinese demand of oil have countered the weaker dollar along with a large cut to OPEC+ supply target.

LEAVE A REPLY

Please enter your comment!
Please enter your name here