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HomeBusinessRupee reaches 227.88 as falling trend continues on 17th session

Rupee reaches 227.88 as falling trend continues on 17th session

Geneva development decreased default possibility and would help stabilize currency market, economic analysts

The rupee fell against the US dollar for the fifteenth session in a row on Tuesday losing 0.21 percent in the inter-bank market.

The rupee fell by Rs0.47 to end the day at 227.88, according to the State Bank of Pakistan (SBP). The value of the rupee relative to the dollar has dropped by 10.14 percent during this fiscal year.

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The rupee had fallen against the dollar on Monday for the sixteenth session in a row ending the day at 227.41 down Rs0.27 or 0.12 percent.

At Geneva summit on Monday Pakistan made a significant breakthrough by securing over $10 billion in pledges from international financial institutions, donor organizations and development partners for the rehabilitation, recovery and reconstruction of flood-affected areas.

Major pledges included $4.2 billion from the Islamic Development Bank (IsDB), $2 billion from the World Bank, $1.5 billion from the Asian Development Bank (ADB), $1 billion from the Asian Infrastructure Investment Bank (AIIB) and $1 billion from Saudi Arabia at the conference co-hosted by Pakistan and the United Nations.

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According to economic analysts, the development has decreased the possibility of default and it was anticipated that this would help stabilize the currency market to some extent.

PKR dropped 25 paisa for both purchasing and selling versus the USD on the open market finishing at 234.75 and 237 respectively. It decreased Rs2.50 on purchasing and selling against the Euro finishing at 270 and 272.50 respectively.

PKR’s closing values for purchasing and selling against the UAE Dirham were 68.80 and 69.30 respectively while it closed at 66.80 and 67.30 for purchasing and selling respectively against the Saudi Riyal.

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