KARACHI: The Pakistani rupee recovered 0.13% (or Rs0.27) on a day-to-day basis to a three-week high of Rs204.85 against the US dollar on the last day of the outgoing fiscal year on Thursday. Cumulatively, in the outgoing fiscal year, the rupee slumped a record 30% to Rs204.85 on Thursday compared to the close of Rs157.54 a year ago on June 30, 2021. \u201cThe rupee has maintained a positive trend on reports that the IMF is about to resume its loan programme for Pakistan,\u201d Ismail Iqbal Securities Head of Research Fahad Rauf said. Besides, the roll-over of the Chinese loan of $2.3 billion to Pakistan after a wait of four months in recent days and reports of extension in Saudi Arabia\u2019s dollar deposits at the State Bank of Pakistan (SBP) also helped the rupee gain ground against the greenback, he said. \u201cThe rupee is anticipated to stabilize around Rs200 against the US dollar under the current cycle of recovery.\u201d Online
\nEarlier, it hit an all-time low at Rs211.93 around mid-June 2022.
\nRauf said the domestic currency depreciated significantly by 30% in FY22 amid the quick depletion in the country\u2019s foreign exchange reserves amid stalling of the IMF\u2019s $6 billion loan programme.
\nThe reserves dropped around $8 billion in the past six-month to $8.2 billion in the week ended June 17, 2022.
\nThey would have now recovered to around $10 billion as of now after receipt of IMF loan of $2.3 billion, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI: The Pakistani rupee recovered 0.13% (or Rs0.27) on a day-to-day basis to a three-week high of Rs204.85 against the US dollar on the last day of the outgoing fiscal year on Thursday. Cumulatively, in the outgoing fiscal year, the rupee slumped a record 30% to Rs204.85 on Thursday compared to the close of Rs157.54 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-269134","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n