• About
  • Advertise
  • Contact
Wednesday, August 10, 2022
  • Login
WRITE FOR US
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
No Result
View All Result
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
Economy.pk
Home Business

PKR depreciates by Rs2.38 in interbank

bySuneela Zulfiqar
July 5, 2022
in Business, Finance, Main
Reading Time: 2 mins read
0
PKR depreciates by Rs2.38 in interbank
509
SHARES
8.7k
VIEWS
Share on FacebookShare on Twitter

The rupee depreciated against the US dollar on Tuesday, falling by Rs2.38 in the interbank market.

The State Bank of Pakistan (SBP) said the dollar closed at Rs206.94, up from the previous day’s close of Rs204.56, which translates into a depreciation of 1.15 percent for the rupee.

RelatedPosts

IMF program to bring macroeconomic stability: Miftah Ismail

PSX rises over 550 points in early trade on expected UAE investment, IMF tranche

President, PM pay tribute to Hazrat Imam Hussain (RA), companions

Interbank closing #ExchangeRate for todayhttps://t.co/k4MnG4SE2z pic.twitter.com/XqELRSEf2W

— SBP (@StateBank_Pak) July 5, 2022

Zafar Paracha, the secretary-general of the Exchange Companies Asso­ciation of Pakistan, said that the main reason the rupee is remaining under pressure is due to speculation by banks in the interbank market.

Zafar Paracha explained that these banks are wary because the country has still not received a loan from the International Monetary Fund (IMF).

He added that the central bank had also allowed banks permission for imports, which had caused an increased demand for the greenback. “This was not such a big demand […] but banks only believe in earning money regardless of whatever happens to the country,” he opined.

Mr. Malik Bostan, President of the Forex Association of Pakistan, has mentioned that the recent payments in oil have put a strain on the Pakistani rupee. He hopes to see the currency begin to strengthen starting from mid-July.

Mr. Bostan went on to say that the upcoming meeting of the central bank’s Monetary Policy Committee (MPC) on July 7th could increase the policy rate, which in turn would lead to more forward bookings of dollars by banks and further weakening of the rupee.

It is hoped that the International Monterey Fund(IMF) loan program will resume after the MPC’s announcement, which he said would stabilise the rupee.

Komal Mansoor, Head of Research at Tresmark, simply said that the “outflows before Eid holidays weakened the rupee.”

Saad Bin Naseer, Director of Mettis Global, a web-based financial data and analytics portal, attributed the rupee’s fall to “pre-emptive demand from importers ahead of the Eid holidays”.

Tags: interbank marketlatestPKRUs Dollar
Suneela Zulfiqar

Suneela Zulfiqar

Related Posts

IMF program to bring macroeconomic stability: Miftah Ismail

IMF program to bring macroeconomic stability: Miftah Ismail

Macroeconomic stability will soon be achieved, according to Finance Minister Miftah Ismail, as all requirements for the International Monetary Fund...

PSX rises over 550 points in early trade on expected UAE investment, IMF tranche

PSX rises over 550 points in early trade on expected UAE investment, IMF tranche

The Pakistan Stock Exchange (PSX) continued its positive momentum on Wednesday, gaining over 550 points in early morning trade. The...

Next Post
ML-1 cost soars to $9.8b

ML-1 cost increases to $9.8 billion

Recommended

IMF program to bring macroeconomic stability: Miftah Ismail

IMF program to bring macroeconomic stability: Miftah Ismail

PSX rises over 550 points in early trade on expected UAE investment, IMF tranche

PSX rises over 550 points in early trade on expected UAE investment, IMF tranche

Punjab sports minister announces building stadium in Arshad Nadeem’s village

Punjab sports minister announces building stadium in Arshad Nadeem’s village

President, PM pay tribute to Hazrat Imam Hussain (RA), companions

President, PM pay tribute to Hazrat Imam Hussain (RA), companions

CWG 2022 comes to an end in Birmingham

CWG 2022 comes to an end in Birmingham

ADB declares 23% locomotives defective

ADB declares 23% locomotives defective

Connect with us

Twitter

Economy.pk

Economy.pk touches diverse topics with a lighter note and is geared toward audiences with various interests and all ages. Come and explore Economy.pk. Ample details and analysis are provided in extraordinarily readable manner making them compelling and interesting at the same time.

Category

  • World
  • Politics
  • Business
  • Technology
  • Education
  • Health
  • Life & Style
  • Opinions

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin

Sitelinks

  • Sitemap

Download our APP

download on android app download on apple app
  • About
  • Advertise
  • Contact

© 2022 All Rights Reserved Economy.pk | Designed & Developed by Digital Otters

  • LATEST
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Canada
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2022 All Rights Reserved Economy.pk | Designed & Developed by Digital Otters

No Result
View All Result

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In