A money changer counts U.S. dollars at a shop in Karachi on April 7, 2022. — Xinhua

Rupee slightly recovers against dollar ahead of Eid holidays

by Pakistan News
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A money changer counts U.S. dollars at a shop in Karachi on April 7, 2022. — Xinhua

KARACHI: The Pakistani rupee gained 0.04% against the US dollar on Thursday ahead of a five-day holiday on account of Eid ul Adha.

According to data released by the State Bank of Pakistan (SBP), the rupee closed at 207.91 against the US dollar in the interbank market.

Currency dealers believe that the rupee will gain ground against the greenback this week aided by inflows from exporters and hopes of revival of the International Monetary Fund’s (IMF) loan programme.

The rupee-dollar parity has been buffeted by concerns of a delay in the revival of the IMF loan programme.

The market players fear the Punjab government’s provision of power subsidies to the poor consumers could jeopardise Islamabad’s progress made towards unlocking the suspended bailout.

Currency dealers believe the rupee erased previous sessions’ gains by tracking the importers’ dollar demand due to the long holidays for Eid. All financial markets will remain closed from Friday to Tuesday for Eid ul Adha.

Since the beginning of the last fiscal year (July 1, 2021), the rupee has dropped by a massive 31.97% (or Rs50.37) compared to the previous fiscal year’s close at Rs157.54.

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