US dollar touches historic Rs 222 in interbank

BusinessUS dollar touches historic Rs 222 in interbank

KARACHI, Pakistan: The Pakistani rupee further depreciated by 3.06 percent against the US dollar on Tuesday, closing at Rs 222 in the interbank market.


Earlier on Monday also, the dollar closed at Rs 215.20, appreciating 1.97 percent.

In a statement, the State Bank of Pakistan (SBP) said that the recent movement in the rupee is a feature of a market-determined exchange rate system.

Under this system, the current account position, relevant news items, and domestic uncertainty together determine daily currency fluctuations.

The State Bank said that the recent rupee depreciation against the US dollar is also in large part a global phenomenon.

Globally, the US dollar has surged by 12 percent in the last six months to a 20-year high, as the Fed has aggressively raised interest rates in response to rising inflation.

The SBP said that like most advanced and emerging market currencies across the world, the Pakistani rupee has depreciated against the US dollar since December 21. It has depreciated by 18 percent over this period.

In real effective terms—i.e. against a basket of currencies in which Pakistan trades & adjusting for inflation—depreciation in the rupee since December 21 has only been 3 percent. This is a better measure of the strength & competitiveness of a currency than the US dollar rate.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Passing Out Parade of Cadets held at PMA Kakul

The Passing Out Parade of Cadets of 149th PMA Long Course, 14th Mujahid Course, 68th Integrated Course and 23rd Lady Cadet Course was held...

Aurangzeb meets AIIB President & IFC Managing Director in Washington DC

WASHINGTON DC: The Finance Minister Muhammad Aurangzeb met with the Asian Infrastructure Investment Bank (AIIB) President Jin Liqun on the sidelines of the World...

USD to PKR: USD Dollar Rate in Pakistan Today – 20 April 2024

The US Dollar (USD) was being bought and sold at Rs 277.6 and Rs 280.35 in the Open Market against the Pakistani Rupee (PKR)...

Gold Price in Pakistan Today – 20 April 2024

On Saturday (April 20, 2024), the gold rate for one tola of 24-karat in Karachi, Pakistan, is Rs 242,600.000.It's important to note that gold...

The silence of Kashmir, and the dangerous falsehoods of democracy, development, peace

The Indian state has papered over the silence of the media to push through a false narrative of development, democracy, and progress in Kashmir,...