Rupee depreciates to reach 222.67

Local currency has fallen by Rs1.25/0.56% in last five days

The rupee has depreciated to 222.67 in the interbank market, the State Bank of Pakistan (SBP) has said.

According to the central bank, the rupee registered a loss of 0.12 percent or Rs0.26 on Thursday against its previous day’s value of 222.41.

It is important to mention that the local currency has fallen by Rs1.25 or by 0.56 percent in the last five days of the ongoing week.

The rupee has been recorded at its highest value of all time Rs239.94 per dollar on July 28 this year. It showed depreciation for some time till it reached at Rs239.71 per dollar on September 22 closest to the highest value.

From September 23 to October 11, the prices fell continuously and reached at Rs217.79 on October 11. Since then the prices have been moving up and down close to 220 mark.

On the other side, SBP has assured the National Assembly’s Standing Committee on Finance of action against the banks who have been allegedly involved in overcharging importers for opening LCs. According to SBP, it had held meetings with the banks in which they were warned about the practice. The banks were also advised to rationalize the spreads that were being charged from their customers, SBP has told.

The external debt and liabilities of the country have also decreased to $126.914 billion in September this year. The value was $130.196 billion on June 30 this year. Therefore a decline of $3.282 billion has been recorded in Pakistan’s external debt and liabilities.

The dollar index has shown a gain of 0.18 percent to 106.46. the dollar index is used to measure the currency against six other major currencies.

Oil prices pressured by easing concerns over geopolitical tensions and Chinese demand have also slipped. Oil prices are considered a key indicator of currency parity.

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