The Pakistani rupee continued its winning streak against the US dollar for the second consecutive day by gaining Rs1 to close at Rs176.51.
“This is the third-highest recovery of the calendar year 2021,” Arif Habib Limited said in a statement on Friday.
According to data by the State Bank of Pakistan (SBP), the dollar opened at Rs177.51 in the interbank market and closed at Rs176.51. The dollar during the trading session touched the day’s low of Rs177.40. Within the open market, the rupee was traded at 178/179 per dollar.
The rupee gained Rs1.62 during this week while it shed Rs0.78 against the US dollar during December 2021.
With a fresh rise of 0.57 per cent, the rupee has depreciated by 12.04pc or Rs18.96 since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.
It is pertinent to mention here that foreign exchange reserves held by the central bank during the week decreased by $298 million to $17.855 billion. Likewise, the reserves of commercial banks dropped to $6.41 billion from $6.48 billion.
I was predicting that it would increase further and this has been true for the time being.