US dollar continues to maintain its upward trajectory:
The US dollar continued to strengthen against the Pakistani rupee on Wednesday in interbank trading, adding a further Rs2.58 to its value.
The US dollar maintained its upward trend during the last two weeks, according to statistics provided by the forex dealers. By afternoon today, the value of the US dollar in interbank trading increased by Rs2.58 to reach Rs234.50.
Interbank closing #ExchangeRate for todayhttps://t.co/ITFdjpKw8B pic.twitter.com/LxIGLPyVyd
— SBP (@StateBank_Pak) September 13, 2022
On Tuesday, when the day came to a conclusion, the USD exchange rate was set at Rs231.92.
Since September 2, the rupee has fallen against the dollar. During the previous week, it decreased by Rs9.2 to close at Rs228.18.
The dollar exchange rate increased during the previous eight working days by Rs14.02.
Despite receiving the $1.166 billion blocked IMF tranche last month, the value of the local currency has been dropping, which shows that the market still lacks trust in the rupee.
As there is a higher demand for the greenback after the government scrapped the ban imposed on the import of luxury goods.
The rise in imports, remittances and exports did not increase to the required amount, thus, causing a disruption in the supply-demand position of the dollar.
Several factors including dismal macros owing to large-scale destruction by recent floods, extremely high ratio of inflation and increasing political noise are putting adverse pressure on the rupee.
On Tuesday, the price of the Euro increased by Rs 2.51 and closed at Rs 235.28 against the last day’s closing of Rs 233.77.
The Japanese Yen gained two paisa to close at Rs1.63. Whereas an increase of Rs 3.17 was witnessed in the exchange rate of the British Pound, which was traded at Rs 271.76 as compared to its last closing of Rs 268.59.
The exchange rates of Emirates Dirham and Saudi Riyal increased by 55 paisa each to close at Rs 63.14 and Rs 61.70 respectively.