Anchorless rupee continues to get dragged by dollar

Intraday trading in interbank sees rupee lose another Rs2.1, open currency market soars
Sep 13, 2022
<p>Photo:SAMAA/file</p>

Photo:SAMAA/file

The rupee continued to lose ground to the US dollar with intraday trading seeing it lose around Rs2.1 in the interbank market as political uncertainty, floods and impending shortages keeping the pressure on.

According to data released by the State Bank of Pakistan (SBP), the rupee depreciated by 0.91% during trading on Tuesday.

As a result, the rupee slid by Rs2.1 to Rs231.92. By contrast, the rupee had closed at Rs229.82 in the interbank on Monday.

Earlier, during intraday trading in the Interbank, a US dollar was being traded for as much as Rs232.21 on Tuesday morning.

Since receiving a $1.1 billion loan from the International Monetary Fund (IMF) late last month, the rupee has cumulatively lost around Rs13.32 in value.

Open currency market

Meanwhile, in the open currency market, the rupee continued to behave per black market rules and its value was seen rising accordingly to Rs240.

This competed with open currency market values of the rupee which we saw at the peak of the dollar’s value at the beginning of August.

This despite the fact that the dollar remains under pressure globally ahead of new US inflation figures.

Why is rupee sinking against dollar?

Malik Bostan explains why rupee continues to fall in value against the US dollar:

 This is a developing story and will be updated accordingly.

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