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Sunday, July 3, 2022

Rupee gains a little ground against the US dollar.

KARACHI: In the interbank market on Wednesday, the rupee gained 0.04 percent versus the US dollar, completing the day at Rs176.16.

According to the State Bank of Pakistan, the local currency closed at Rs176.23 against the US dollar the day before (SBP).

Currency dealers predict that market uncertainty will linger as tensions between Russia and Ukraine escalate, pushing commodities prices up globally.

According to data issued by the central bank, the Pakistani rupee has depreciated by 11.81 percent (or Rs18.62) since the start of the current fiscal year on July 1, 2021, after reporting a fresh increase of 0.4 percent.

For the previous nine months, the rupee has been on a downward trend. In comparison to the all-time high of Rs152.27 in May 2021, it has lost 15.68 percent (or Rs23.89) to date.

Traders will be following the outcome of the Financial Action Task Force (FATF) plenary conference in Paris, which runs from February 21 to March 4, for clues about the rupee’s future direction.

The FATF will decide whether Pakistan should be removed from the grey list in the near future.

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