Friday, May 24, 2024

Pakistani Rupee depreciates by Rs. 4, reached Rs. 226 against US dollar in open market

The value of the dollar increased against the rupee in the country. At the close of business yesterday, the dollar rate was Rs 218.38 in the Interbank. The dollar also increased by 5 paise in the interbank market and at the close of business, the price of the dollar is 218 rupees 43 paise.At the close of business yesterday, the dollar rate was Rs 218.38 in Interbank. On the other hand, the dollar has become cheaper by 1.92 rupees in the interbank this week.

Analysts say the decline in rupee value comes on the back of a surge in demand for dollars in the local market, amid the government’s decision to allow the duty-free import of edible items to ensure food security after floods devastated the country’s agricultural sector.

However, the dollar is also gaining strength internationally, hitting a 24-year peak against the yen and reaching new highs versus the Australian and New Zealand dollars on Wednesday after U.S. economic data reinforced the view that the Federal Reserve will continue aggressive policy tightening.

The US dollar index, which measures the greenback against six major peers, strengthened 0.08% to 110.43, sticking close to Tuesday’s 20-year high of 110.57.

“Dollar gaining strength internationally is one of the major reasons impacting the rupee,” wrote Abdullah Umer, an analyst at Ismail Iqbal Securities, in a note on Wednesday.

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