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Sunday, February 5, 2023
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HomeBusinessRupee depreciates further in 20th straight fall to close at 228.66

Rupee depreciates further in 20th straight fall to close at 228.66

For the 20th session in a row the rupee lost value against the US dollar falling 0.14 percent on Tuesday in the interbank market.

The rupee fell by Rs0.32, according to the State Bank of Pakistan (SBP), to finish the day at 228.66. The value of the rupee against the dollar has fallen by 10.47 percent so far this fiscal year.

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The rupee had dropped against the US dollar on Monday for the 19th session in a row ending the day at 228.34 down Rs0.19 or 0.08 percent.

The finance minister Ishaq Dar said on Monday that imports of raw materials and inputs to satisfy export standards will be completely facilitated for exporters of textile items, leather goods, medical equipment, carpets and sporting goods.

The Federal Board of Revenue’s (FBR) Export Facilitation Scheme (EFS) must be completely implemented in order for all significant exporters to be included in the program and get duty- and tax-free inputs for exporting products.

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A preferential exchange rate of the US Dollar against the Rupee for export-import bills and remittances was also recommended by the Exchange Companies Association of Pakistan (ECAP).

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