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Rupee strengthens, closes at 204.85 in interbank market

Net depreciation for ending fiscal year recorded to be Rs47.58/30.20pc

The rupee has been shown a strengthening trend against the US dollar as it was traded at 204.85 on Thursday in the interbank market on Thursday compared with 205.12 on Wednesday.

According to the State Bank of Pakistan (SBP), a 0.13 percent appreciation in value of rupee has been recorded.

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From the start of the previous fiscal year, the rupee collectively dropped by Rs47.58 or 30.20 percent in the fiscal year 2021-22, with previous year’s closing value at Rs157.54.

Forex Association of Pakistan Chairperson Malik Bostan has said that rapid recovery recorded in value of rupee has been due to the Chinese $2.3 billion loan.

Mettis Global has termed the upward trend “short-lived” due to internationally rising oil prices and linked the appreciation with the potential release of loan tranches by the IMF.

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Earlier in the past weeks, rupee had recorded a continuous depreciation due to a delay in the IMF deal, macroeconomic indicators and political uncertainty. On June 22, it had fallen to an all-time low of 211.93 against the US dollar.

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