KARACHI: The rupee’s freefall sustained on early Friday beside the US dollar in the interbank, though, it reversed the losses in the second half within reports that COAS Qamar Bajwa has approached US for playing a role in instant release of a US$1.2 billion tranche.
Rendering to the State Bank of Pakistan (SBP), the rupee rose by Rs0.57 in the interbank and traded at Rs239.37. “The banks are selling US dollar at Rs242 although in open market, it being exchanged amongst Rs242 and Rs244,” the forex dealers said.
Interbank closing #ExchangeRate for todayhttps://t.co/7mgh1WaWW6 pic.twitter.com/YkprdgF19D
— SBP (@StateBank_Pak) July 29, 2022
On Thursday, the dollar sustained to gain value during political insecurity and fate of federal government and IMF deal after the election of CM Punjab Parvez Elahi and rose by Rs3.92 in the interbank today to trade at Rs239.94.
At one point throughout the day, the dollar also overlapped the Rs240 mark.
The forex dealers said that the banks are selling the greenback at Rs242 although in open market, it being sold amongst Rs242 and Rs244.
Interbank closing #ExchangeRate for todayhttps://t.co/3HKHwEmKLf pic.twitter.com/OZl2VqDeLR
— SBP (@StateBank_Pak) July 28, 2022
Formerly, the State Bank of Pakistan (SBP) attributed the 11-rupee change in the exchange rate in just two days to the “market-determined exchange rate system” under which the current account position, broadcast stories, and domestic insecurity contribute to the daily currency fluctuations.
Also Read: US Dollar’s Rising Traded at Rs239.94
In an outward attempt to downplay the depreciation, the SBP said a “better measure” of the rupee’s strength is the real active exchange rate, which takes into account the currencies in which Pakistan trades in inflation-adjusted terms.