Rupee strengthens against dollar
Rupee appreciated 1.89% day-on-day, but it was still down 14.7% since the beginning of current fiscal year on July 1, 2021. Photo: file
The rupee strengthened against the US dollar at Rs185.62 in the inter-bank market on Tuesday compared with Monday’s close of Rs186.05, according to the State Bank of Pakistan (SBP). On April 7, 2022, the rupee closed at an all-time low at Rs188.18 owing to speculation stemming from political turbulence in the country. Moreover, demand for the dollar stood higher compared to its supply in the wake of an expanding current account deficit, swelling imports and rising global commodity prices. Earlier, the announcement of $3 billion cash deposit by Saudi Arabia in the State Bank helped the rupee to appreciate, however, the recovery proved short-lived.
Published in The Express Tribune, April 27th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.