Pakistani Rupee Stable Against US dollar
Pakistani rupee remained stable at the inter-bank market. As per the State Bank of Pakistan (SBP), the rupee closed at 170.8 against the USD same as the day before.
The widening of trade gap to $11.6bn in 1stQTR is disturbing. Potentially Oil can make some more gains that could challenge Govt’s ambitious spending plan. It has less than 20-months to deliver.With IMF close watch,managing deficit,Ex rate & inflation will not be easy.
tweeted by Asad Rizvi 🇵🇰 (@asadcmka) on October 5, 2021.
On the other hand, the central bank continued to introduce measures to arrest the Pakistani rupee decline. On Monday, the SBP reduced the retention period of export proceeds with Authorised Dealers upon realisation from five to three working days.
Officials believe the measure will help to increase the dollar flow in the inter-bank market and help stabilise the exchange rate.
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