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Rupee continues to recover against US dollar

The Pakistani rupee extends gains for seventh consecutive session against dollar
Published 07 Feb, 2022 06:39pm
Business
The Pakistani rupee extends gains for seventh consecutive session against dollar.
The Pakistani rupee extends gains for seventh consecutive session against dollar.

Pakistan's rupee managed to register another gain against the US dollar, appreciating marginally by 0.01% in the inter-bank market on Monday.

As per the State Bank of Pakistan (SBP), the rupee closed at 174.47 after a day-on-day appreciation of one paisa or 0.01%. On Friday, the currency had appreciated by over Re1 or 0.60% to settle at its highest level since November 23 against the greenback.

This is rupee’s seventh successive gain against the US dollar.

The currency appreciated throughout the previous week to finish with a substantial 1.3% gain as Pakistan earned the International Monetary Fund (IMF) approval for its sixth review of the Extended Fund Facility (EFF).

Last week, the IMF Executive Board completed the sixth review, allowing for an immediate purchase equivalent to about $1 billion for budgetary support.

The development not only ended market uncertainty but also stabilised the local currency. Finance Minister Shaukat Tarin on Saturday said that the rupee would strengthen further while warning market elements involved in speculating and hoarding the dollar.

“Avoid speculations and believe in the value of your rupee,” he said, adding that the rupee will gain further strength.

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