Rupee Again Touches 199.75 Against The US Dollar

The latest reports say the rupee continued to fall amid the concerns of the upcoming budget 2022-23 and revival of the multibillion-dollar International Monetary Fund (IMF) programme.

KARACHI:(UrduPoint/UrduPoint / Pakistan Point News-June 6th, 2022) The Pakistani rupee again touched 199.75 against the US Dollar in the interbank market on Monday.

The latest reports say that the rupee continued to fall amid the concerns of the upcoming budget 2022-23 and revival of the multibillion-dollar International Monetary Fund (IMF) programme.

As the Currency market opened today, the rupee was followed by a reversal on Friday in the rupee's momentum as it shed 0.17% to close at Rs197.92 against the US dollar in the interbank market.

The rupee collectively fell down by over 25%, or Rs40 since the start of this fiscal year on July 1, 2021to date.

Traders are of the view that caution is likely to take place this week ahead of the unveiling of the fiscal year 2022-23 Federal budget scheduled for June 10 (Friday).

Renewed pressure on the rupee on an increase in fiscal-year-end dollar demand from importers and the corporate sector would keep the local currency under pressure.

The report about China’s $2.7 billion deposit placement, meanwhile, has failed to entice traders as they don't see it as useful for fiscal or external support.

Pakistan's foreign exchange reserves decreased by $378 million to $15.771 billion in the week ended May 27. Besides it, the State Bank of Pakistan's reserves dropped to $9.723 billion from $10.088 billion, providing six weeks’ import cover only.