KARACHI
\nPakistani rupee snapped a three-day losing streak against the US dollar by recovering 6 paisas (+0.03 percent) on Tuesday.
\nThe State Bank of Pakistan said in a statement that the dollar opened at Rs177.47 in the interbank market and closed at Rs177.41, as the rupee started the new month on a positive note. The rupee witnessed a trading range of 20 paisas during the session, showing the intraday high bid of 177.55 and low offer of 177.45. Within the open market, the rupee was traded unchanged at 177.50\/178.50 per dollar.
\nOn the other hand, a sense of calm prevails on the Russia-Ukraine conflict front, compelling the US dollar bulls to give up their control. The benchmark 10-year US Treasury bond yield went down nearly 5 percent on the day at 1.73pc. The US Treasury yields hold firm ground amid a due 25-bps increase in interest rate in March.
\nOverall, the rupee shed 30 paisas against the American currency during the last two days, while depreciation remained 75 paisas in February. The local unit devalued by 19.98 during the ongoing fiscal year 2021-22 and 90 paisas during the current year 2022.
\nThe currency dealers said that the rupee recovered owing to an ease in the foreign currency demand for external payments. They said that the market witnessed lower dollar\u2019s demand for external payments due to the start of the new month, adding that inflows in the shape of export receipts and foreign remittances were also seen during the day.
\nThey, however, warned that the local unit may remain under pressure in the coming days owing to higher oil prices in the international markets. Further, the widening of the current account deficit and falling foreign exchange reserves may also deteriorate the rupee value.
\nThe country\u2019s current account deficit (CAD) surged to $2.6 billion in January 2022, taking CAD of $11.6 billion during the first seven months of the current fiscal year. The liquid foreign exchange reserves of Pakistan declined by $264 million to $23.226 billion by the week ended February 18, 2022. The foreign exchange reserves of the country were $23.49 billion by the week ended February 11, 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Pakistani rupee snapped a three-day losing streak against the US dollar by recovering 6 paisas (+0.03 percent) on Tuesday. The State Bank of Pakistan said in a statement that the dollar opened at Rs177.47 in the interbank market and closed at Rs177.41, as the rupee started the new month on a positive note. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":{"0":"post-247225","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n