KARACHI: The rupee strengthened against the US dollar at Rs121.45/121.65 in the inter-bank market on Friday compared with Thursday’s close of Rs121.6/121.8.
With reference to the past week, rupee value is on the verge of continuous depreciation. However, Pakistani currency weakened further by 3.65% in its third round of rupee depreciation last week.
Since December, the rupee has cumulatively shed close to 13% of its value after the central bank reportedly abstained from intervening in response to the pressure due to a widening current account deficit.
The State Bank of Pakistan has maintained that the slide in the rupee’s value is due to supply and demand dynamics of foreign exchange in the inter-bank market which is also an effect due to depletion in foreign reserves.
The post Pakistani rupee strengthens against US Dollar appeared first on ARYNEWS.
from ARYNEWS https://ift.tt/2Mcab0M
via
No comments:
Post a Comment