The rupee continues to rise against the dollar, interbank rate at 204.85

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CARACHI:

The Pakistani Rupee recovered 0.13% (or Rs0.27) on a daily basis to hit a three-week high of Rs204.85 against the US Dollar on the last day of the outgoing fiscal year on Thursday.

Cumulatively, over the outgoing fiscal year, the rupee fell a record 30% to 204.85 rupees on Thursday from the close of 157.54 rupees a year ago on June 30, 2021.

“The rupiah has maintained a positive trend following reports that the IMF is set to resume its lending program for Pakistan,” Fahad Rauf, Head of Securities Research, Ismail Iqbal Securities, said during a briefing. an interview with The Express Tribune.

In addition, the renewal of China’s $2.3 billion loan to Pakistan after a four-month wait in recent days and reports of expansion of Saudi Arabia’s dollar deposits at the State Bank of Pakistan ( SBP) also helped the rupiah gain ground against the greenback, he says.

“The Rupee is expected to stabilize around Rs200 against the US Dollar amid the current recovery cycle.”

Previously, it hit a historic low at Rs211.93 around mid-June 2022.

Rauf said the national currency depreciated significantly by 30% in FY22 amid the rapid depletion of the country’s foreign exchange reserves and the stalling of the IMF’s $6 billion loan program.

Reserves fell about $8 billion in the past six months to $8.2 billion in the week ending June 17, 2022.

They would now have recovered about $10 billion after receiving a $2.3 billion IMF loan, he said.

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