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Rupee loses further ground to trade at 164.5
By Salman Siddiqui
Published: June 27, 2019
PHOTO: FILE
KARACHI: The rupee continued its downward drive in search for a base for a second successive day on Thursday.
The currency further weakened by Rs2.34 to Rs164.50 to the US dollar during intra-day trade in the inter-bank market.
The rupee closed at Rs162.16 on Wednesday, according to the State Bank of Pakistan (SBP).
Experts said the trend in rupee is seen ahead of the International Monetary Fund’s (IMF) executive board meeting on July 3 to consider giving the final approval for a bailout worth $6 billion for Islamabad.
Apart from that the freefall in the rupee is seen since the government recently ended its control over rupee under IMF condition and let market forces – mostly the banks – decide rupee-dollar exchange rate keeping in view the demand and supply situation of the foreign currency in the system.
To recall, Pakistan foreign currency reserves stand insufficient at $7.69 billion.
Experts said Pakistan is to make big import and foreign debt repayments before the outgoing fiscal year ends on June 30, 2019.
The situation; low reserves and high international payments, kept mounting pressure on rupee against the dollar.
On Wednesday alone, the rupee fell by a significant 3.3% to Rs162.16 to the greenback.
https://tribune.com.pk/story/2001203/2-rupee-loses-ground-trade-164-5/
By Salman Siddiqui
Published: June 27, 2019
PHOTO: FILE
KARACHI: The rupee continued its downward drive in search for a base for a second successive day on Thursday.
The currency further weakened by Rs2.34 to Rs164.50 to the US dollar during intra-day trade in the inter-bank market.
The rupee closed at Rs162.16 on Wednesday, according to the State Bank of Pakistan (SBP).
Experts said the trend in rupee is seen ahead of the International Monetary Fund’s (IMF) executive board meeting on July 3 to consider giving the final approval for a bailout worth $6 billion for Islamabad.
Apart from that the freefall in the rupee is seen since the government recently ended its control over rupee under IMF condition and let market forces – mostly the banks – decide rupee-dollar exchange rate keeping in view the demand and supply situation of the foreign currency in the system.
To recall, Pakistan foreign currency reserves stand insufficient at $7.69 billion.
Experts said Pakistan is to make big import and foreign debt repayments before the outgoing fiscal year ends on June 30, 2019.
The situation; low reserves and high international payments, kept mounting pressure on rupee against the dollar.
On Wednesday alone, the rupee fell by a significant 3.3% to Rs162.16 to the greenback.
https://tribune.com.pk/story/2001203/2-rupee-loses-ground-trade-164-5/
