Pakistani rupee remained almost flat against the US dollar on Monday and shed one paisa (-0.01 percent).
The State Bank of Pakistan said that the dollar opened at Rs176.67 in the interbank market and closed at Rs176.68. The rupee witnessed a range of 15 paisas during the session, showing the intraday high bid of 176.75 and low offer of 176.60. Within the open market, the rupee was traded at 178.50/179.50 per dollar.
Overall Pakistan rupee shed 16 paisas against the US dollar last week, while it depreciated by 17 paisas during the current year 2022. The local unit has depreciated by Rs19.25 during the ongoing fiscal year 2021-22.
The official clarification over the removal of Pakistan’s agenda from the International Monetary Fund (IMF) Executive Board meeting helped stabilise rupee. According to experts, the government’s steps to ensure revival of the IMF extended fund facility (EFF) is supporting the local currency against the greenback. They were of the view that the US dollar may face a further depreciation in the coming days if all goes well with regards to the IMF programme revival. They said the greenback is overvalued against the local currency.
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