Monday, May 20, 2024

Pakistani Rupee gains Rs 1.62, Reaches Rs. 228 against US Dollar

The government’s warning to reign in currency speculation again pushed down the US dollar’s slide against the Pakistani rupee for the sixth consecutive session on Friday. The local unit appreciated by Rs1.62 to reach 228 per dollar, up from the previous session’s close of 229.62.

The rupee has gained 10.59 against the dollar in six consecutive sessions. Senator Ishaq Dar said that no one would be permitted to manipulate the foreign exchange market.

Currency experts said that the rupee recovered because of the contraction in the current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during the July‚ÄďAugust of the current fiscal year 2022-2023. Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.

However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

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