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On Thursday, the rupee saw a little decline vs the US dollar, dropping seven paise in the interbank market.
The State Bank of Pakistan (SBP) reports that the rupee depreciated by 0.03 percent, closing at 214.95.
After rising 11.62 percent versus the US dollar over the preceding 11 sessions, the value of the rupee began to decline on Wednesday.
The rupee had declined, according to Saad bin Naseer, director of the web-based financial data and analytics platform Metis Global, because exporters were under pressure to keep the value of the dollar at Rs 215.
He also said that there was no longer a rate differential between the open market and the interbank market.
According to Naseer, there seems to be an agreement with the International Monetary Fund (IMF) to keep the rupee’s value where it is. But he did warn that the currency might appreciate significantly if exports rose and imports kept declining.
Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan, stated that the currency was under pressure due to the IMF’s delayed disbursement of the loan tranche.
It is anticipated that following the tranche’s receipt on August 29, the value of the dollar will decline. The rupee’s value may be under pressure to fall if the interest rate is raised at the State Bank of Pakistan’s Monetary Policy Committee meeting on August 24.
“On the other hand, it is anticipated that the value of the dollar will decline in the upcoming days.”
