Rupee appreciates to Rs217.79 against greenback
Photo:SAMAA/file
The rupee’s 18-day march against the US dollar appears to be running out of steam after its appreciation slowed to 0.08% on Tuesday.
According to data released by the State Bank of Pakistan (SBP) on Tuesday of the interbank trading, the rupee gained just 18 paisas against the US dollar.
The rupee closed the trading day up at Rs217.79.
By contrast, the rupee had closed at Rs217.97 on Monday evening after having appreciated by 0.89%.
The last time the rupee was at this level was on August 23 when the rupee had appreciated to Rs217.66 in value.
Earlier during intraday trading, the rupee had actually appreciated by Rs0.97 against the US dollar to Rs217 in the interbank market.
Though modest, Tuesday’s gains mean that the rupee continued its streak against the dollar on Tuesday for an 18th consecutive day.
Since September 23, the rupee has gained around Rs21.86.
The value of the US dollar started losing track against the rupee since September 23, 2022, after having reached a high of Rs239.74 and since then, the dollar has continued to go down significantly till date.
Since Federal Finance Minister Ishaq Dar’s return, the rupee has gained around Rs22.73 against the greenback.
Open currency market
In the open market on Tuesday, the rupee lost value against the dollar by 50 paisas as it slid from Monday’s value of Rs218.50 to Rs219.
The rupee has closed the gap with the dollar in the open market versus in the interbank market where in August, the difference was as much as Rs10.
Last week, Federal Finance Minister Senator Ishaq Dar stated that as per his calculations, the real value of a US dollar should be less than Rs200.
He said this while speaking on
SAMAA TV’s show
Nadeem Malik Live.
Dar explained that the main reason why the rupee had sunk to its lowest ever value was due to political instability fomented in the country. At its lowest towards the end of July, the rupee had fallen to an all-time low of Rs239.94.
Rupee appreciates to Rs217.79 against greenback
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