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US dollar continues fall, closing at Rs181.58

  • Rupee gains 0.06% to close at Rs181.58 against US dollar.
  • Pakistani rupee has depreciated by Rs24.04 since July 1, 2021.
  • Analysts predict a further reduction in the greenback in days to come.

KARACHI: The US dollar fell to Rs181.58 on Friday as the political turmoil in the country subsided, with analysts predicting a further reduction in the greenback in the days to come.

According to the State Bank of Pakistan (SBP), the local currency closed at Rs181.58 against the greenback in the interbank market compared to last day’s close of Rs181.69.

Currency dealers believe that the rupee’s recovery streak for the sixth consecutive session was due to healthy dollar supplies and positive sentiments about the outlook for the country.

The local unit continued to rise on the back of improvement in the supply of the greenback as the rise in remittances for Ramadan lent support to the domestic currency.

Meanwhile, the market also remained optimistic that the new government would start talks with International Monetary Fund (IMF) to revive the loan package, which could provide more stability to the currency market.

The rupee has maintained a downward trend for the last 11 months. It has lost 19.24% (or Rs29.31) to date, compared to the record high of Rs152.27 recorded in May 2021.

With a fresh rise of 0.06%, the Pakistani rupee has depreciated by 15.25% (or Rs24.04) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

Courtesy : GeoNews

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