Rupee strengthens against dollar
Dawood reiterated that the drawback on local taxes and levies (DLTL) scheme will continue, however, the government might increase the percentage of the levy. photo: file
The rupee strengthened against the US dollar at Rs171.29 in the inter-bank market on Monday compared with Friday's close of Rs172.65, according to the State Bank of Pakistan (SBP).
On October 26, 2021, Pakistani currency closed at an all-time low of Rs175.27 as demand for the foreign currency stood higher compared to its supply in the wake of increase in import payments, rising global commodity prices and uncertainty about the resumption of IMF loan programme.
However, the announcement of $3 billion cash deposit by Saudi Arabia in the State Bank helped the rupee to recoup some of the losses.
Published in The Express Tribune, November 2nd, 2021.
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