Rupee continues to gain ground against US dollar

The rupee on Tuesday continued to gain ground against the US dollar, gaining 47 paisas or 0.27 per cent, closing at 174.30 in the inter-bank market compared with the previous closing of 174.77.

Interbank closing #ExchangeRate for today:https://t.co/DT1nJbNZk6 pic.twitter.com/ox53QmlyV0

— SBP (@StateBank_Pak) November 23, 2021

Earlier, in its monetary policy statement, the central bank had addressed the issue of currency depreciation.

“The rupee has depreciated by a further 3.4pc since the last MPC meeting,” it said, adding that the US dollar also appreciated against most emerging market currencies since May as expectations of tapering by the US Federal Reserve have been brought forward.

“However, the fall in the value of the rupee since May has been comparatively large. As other adjustment tools normalise, including interest rates and fiscal policy, pressures on the rupee should abate,” the central bank maintained.