The rupee appreciation continued on Wednesday with the US dollar declining by a fresh Rs0.57 to Rs169.97 in the inter-bank market during intra-day trading.
With a fresh increase of 0.34 per cent, the currency has gained around Rs5.30 against the greenback during the last six sessions. While it has appreciated by 3.12pc since its all-time low of Rs175.27 recorded on October 26.
Interbank closing #ExchangeRate for today:https://t.co/lDGnjYLTkF pic.twitter.com/9Z6ozl8Ukp
— SBP (@StateBank_Pak) November 3, 2021
According to market experts, deposits worth $3 billion from Saudi Fund for Development has reversed the downtrend by improving the forex reserves whereas the market also has clarity regarding IMF now and the trade deficit has also declined.
It may be recalled that the real effective exchange rate (REER) – the country’s cost of trade with the world – fell to 93-94 when rupee crossed Rs175 mark against the greenback.
