PKR TO US DOLLAR
Rupee (PKR) strengthening against the US dollar
On Tuesday, the Pakistani Rupee
(PKR), which has been strengthening against the US dollar, continued its
recovery. This is because import payments have become easier and attitude has
improved.
The exchange rate increased by Rs.
46/- paisas to Rs. 238.38/- in the interbank foreign currency market from the
previous day's close of Rs. 238.84/-.
On July 28, 2022, the rupee hit
an all-time low against the dollar of Rs 239.94/-. In the interbank foreign
currency market, the rupee has subsequently recovered by Rs1.56 versus the
dollar.
According to currency experts,
the decrease in import bills during the month of July 2022 reduced the demand
for foreign currency. Furthermore, the IMF is scheduled to disburse the tranche
before the end of this month.
Political unrest and poor
economic indicators contributed to the rupee's ongoing rapid decline versus the
dollar. According to the experts, the ongoing decline in the value of a rupee
may possibly be related to a decrease in foreign exchange reserves. The
country's foreign exchange holdings have further decreased.
By the week ending July 15, 2022,
Pakistan's foreign exchange reserves have decreased by $368 million to $15.242
billion. Prior to one week, on July 7, 2022, the country had $15.61 billion in
foreign exchange reserves.
On August 27, 2021, the country's
foreign exchange reserves reached an all-time high of $27.228 billion. The
foreign exchange reserves have declined by $11.986 billion since that time. The
State Bank's official reserves also declined by $388 billion from $9.717
billion a week earlier to $9.329 billion for the week ending July 15, 2022.
By the week ending August 27,
2021, the central bank's foreign exchange reserves had reached a new high of
$20.146 billion. The SBP's official reserves have declined by $10.817 billion
since that time.
