Dollar rate in Pakistan – 6 September 2022:
The dollar’s value against the Pakistani rupee increased by another 1.64 paisa on Tuesday during interbank trading, continuing the trend of oscillation seen in the rupee-dollar parity.
The US dollar was trading at Rs221.50 by noon, up 1.64 paisa from yesterday’s closure of Rs219.86, according to data from the foreign exchange market.
Interbank closing #ExchangeRate for todayhttps://t.co/CZSqLwszHJ pic.twitter.com/Rj4O7hL7xn
— SBP (@StateBank_Pak) September 5, 2022
However, the Pakistani rupee was expected to gain in its value after the country received IMF’s disbursement worth $1.16 billion in the last week of August, but still, the local unit’s comeback seems a far cry.
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 which is not appreciating despite a bit of swelling in the country’s foreign exchange reserves.
Zafar Paracha, President of Exchange Companies Association of Pakistan (ECAP) was quite hopeful about the recovery of the rupee as she told Mettis Global that the rupee’s appreciation might go up to PKR 200 per USD in the upcoming months in the backdrop of IMF loan disbursement and expected funds from other friendly countries.
Pakistan rupee on Monday depreciated by 89 paisa against the US dollar in the interbank trading and closed at Rs 219.86; against the previous day’s closing of Rs 218.97.
According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 221 and Rs 223 respectively.
The price of Euro decreased by 95 paisa and closed at Rs 217.86 against the last day’s closing of Rs 218.81.
The Japanese Yen remained unchanged to close at Rs 1.56, whereas a decrease of Re 1 was witnessed in the exchange rate of the British Pound, which was traded at Rs 252.23 as compared to its last closing of Rs 253.23.
The exchange rates of Emirates Dirham and Saudi Riyal increased by 23 paisa each to close at Rs 59.83 and Rs 58.49 respectively.
In the previous 52 weeks, the rupee lost 23.78% versus the US dollar, falling to a 52-week low of Rs239.94 on July 28, 2022, and a 52-week high of Rs166.9 on September 3, 2021.