Rupee gains by 0.26 to reach 221.66

Ongoing political noise in country would likely affect direction of rupee: Economic experts

The rupee has gained by 0.26 to reach on 221.66 against the US dollar in the interbank market.

The local currency has been showing a back-to-back gain on Monday after 0.12 percent appreciation in the interbank market against its closing value on the last working day [Friday] of 221.92, according to the State Bank of Pakistan (SBP).

Overall, the rupee remained largely stable in the previous week during which it had appreciated by 0.25 percent. The recovery in the value has been attributed to the $1.5 billion from the Asian Development Bank (ADB) coupled with the narrowed trade deficit.

Economic experts have said that the ongoing political noise in the country would likely affect the direction of the rupee.

The dollar was being looked to post its best week in over a month globally. The reason was based upon expectations of US rates peaking higher. Because of investors’ revising their rate projections the sterling was on the ropes.

The US dollar index has firmed to 112.90 against the basket of currencies after surging 0.8 percent and touching a two-week high of 113.15.

Oil prices have also remained stable hovering around $100 a barrel as support from a weaker dollar.

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