Rupee stabilises around current levels

Pakistani rupee inched down 0.05%, or Rs0.13, and closed at Rs283.79 against the US dollar

KARACHI:

Pakistani rupee stabilised around current levels on Friday as it inched down 0.05%, or Rs0.13, and closed at Rs283.79 against the US dollar in inter-bank market.

The latest downtick came after the central bank reported that Pakistan’s foreign exchange reserves had dropped by $354 million to $4.24 billion in the week ended March 24, 2023.

The reserves fell after consistent improvement for six consecutive weeks. Previously, the reserves rose partly as a result of increase in workers’ remittances, export earnings and debt inflows from China amid reduced import payments.

Market talk suggests that Friday’s drop in the rupee’s value was insignificant considering that the currency had continued to move around current levels for the past one month.

The currency registered a significant drop of 19%, or Rs54, in late January and early February 2023, reaching an all-time low of Rs285.09/$.

Published in The Express Tribune, April 1^st, 2023.

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