Rupee registers another gain against US dollar, closes at Rs182.02

Published On 03 Jan, 2023
rupee-registers-another-gain-against-us-dollar-closes-at-rs182-02

  • Investor speculation ends in forex market as political scene turns stable.
  • Rupee gains nearly Re1 against US dollar in inter-bank market
  • Local currency has depreciated by Rs24.48 since July 1, 2021.

KARACHI: The rupee extended gains on Tuesday for the third consecutive session bolstered by hopes of political and economic stability following the formation of the new government.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs182.02, up 0.5% (or Rs0.91) from Monday’s close of 182.93 in the inter-bank market.

Investor speculation ended in the foreign exchange market as the political scene turned stable after newly elected Prime Minister Shehbaz Sharif took charge.

Currency dealers believe that the ease in economic and political crises has boosted sentiment over the rupee, with the central bank’s measures to raise interest rates and curb imports also lending support to the local unit.

Last week, the central bank, in a surprise move, jacked up the benchmark interest rate by 250 basis points to 12.25%.

The rupee has maintained a downward trend for the last 11 months. It has lost 19.53% (or Rs29.75) to date, compared to the record high of Rs152.27 recorded in May 2021.

With a fresh rise of 0.5%, the Pakistani rupee has depreciated by 15.53% (or Rs24.48) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

Meanwhile, open market forex rates of other currencies against the Pakistani rupee are as follows:

Currency Buying Selling
Australian dollar 134 136
 Canadian dollar 142 144
China yuan 23.55 23.95
Euro 196 198
Japanese yen 1.41 1.44
Saudi riyal 48.2 49
UAE dirham 49 49.6
UK pound sterling 235 238
US dollar 183.5 185.5
Source: Forex.com.pk