Pakistan’s rupee registered gains against the US dollar in the inter-bank market, and appreciated 0.2% in the opening hours of trading on Monday.
At around 10:25am, the rupee was being quoted at 221.47, an appreciation of Re0.45 against the greenback, during intra-day trading.
In the previous week, the rupee remained largely stable , appreciating 0.25% even as the US dollar strengthened after the Federal Reserve raised its benchmark funds rate by 75 basis points (bps) to 3.75-4% as widely expected.
An increase in State Bank of Pakistan’s (SBP) foreign exchange reserves after the receipt of Asian Development Bank’s $1.5-billion loan, and a narrower trade deficit helped the rupee that ended at 221.92 in the inter-bank market on Friday.
However, experts say that the ongoing political noise is likely to have an effect on rupee’s direction with the resumption of the long march by Pakistan Tehreek-e-Insaf (PTI) playing on…
