Rupee strengthens against dollar | The Express Tribune


The rupee strengthened against the US dollar at Rs197.59 in the inter-bank market on Thursday compared with Wednesday’s close of Rs197.87, according to the State Bank of Pakistan (SBP).

On May 26, 2022, the rupee closed at an all-time low at Rs202.01 owing to the delay in resumption of IMF loan programme.

The continuous increase in international oil prices also proved to be a negative development for the rupee, as the country heavily relied on imported fuels to meet domestic demand.

The rupee had been on the downtrend since hitting 22-month high at Rs152.27 in May 2021.

Experts said that the recovery in the rupee came following increase in the supply of foreign currency in the market. Exporters apparently sold the foreign currency on expectations of further recovery of the rupee.

Published in The Express Tribune, June 3rd, 2022.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

Source link

About Daily Multan

Check Also

Asian stocks mixed as traders digest Fed tightening

Equities in Asia declined on Thursday as traders considered what the Federal Reserve’s rate increase …

Leave a Reply

Your email address will not be published. Required fields are marked *