{"id":17361,"date":"2022-05-26T16:11:47","date_gmt":"2022-05-26T11:11:47","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=17361"},"modified":"2022-05-26T16:11:49","modified_gmt":"2022-05-26T11:11:49","slug":"in-interbank-transactions-the-dollar-rises-to-rs202-40","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2022\/05\/26\/in-interbank-transactions-the-dollar-rises-to-rs202-40\/","title":{"rendered":"In interbank transactions, the dollar rises to Rs202.40."},"content":{"rendered":"\n

The rupee lost momentum against the US dollar<\/a> for the 14th consecutive session on Thursday, depreciating by 50 paisa in the interbank market.<\/p>\n\n\n\n

The dollar was trading at Rs202.40 at roughly 1:30pm, according to the Forex Association of Pakistan (FAP), after gaining versus Wednesday’s closing of Rs201.90 yesterday, according to State Bank of Pakistan (SBP) data.<\/p>\n\n\n\n

Around 1:30pm, the greenback was trading at Rs203.50 on the open market.<\/p>\n\n\n\n

The rupee’s ongoing depreciation since May 10 has been linked mostly to the country’s mounting import bill, expanding current account deficit, and depletion of foreign exchange reserves.<\/p>\n\n\n\n

Since the PML-N-led coalition government won power on April 11, when the dollar was worth Rs182.30, the rupee has risen in value.<\/p>\n\n\n\n

Malik Bostan, chairman of the Forex Association of Pakistan, told Dawn.com that the dollar’s rise was due to the country’s political problems. “If politicians do not work together to tackle these challenges, capital transfers will accelerate, enhancing the value of the dollar.”<\/p>\n\n\n\n

He went on to say that the rupee was also under pressure due to declining foreign exchange reserves and more than $10 billion in external obligations due.<\/p>\n\n\n\n

“Debt from international financial institutions might relieve rupee pressure,” Bostan remarked.<\/p>\n\n\n\n

Furthermore, FAP Secretary General Zafar Paracha stated yesterday that investors were optimistic about the government’s negotiations with the IMF. “However, they refused to release the monies until gasoline subsidies were removed.”<\/p>\n\n\n\n

“This development has also intensified the pressure on the rupee,” he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The rupee lost momentum against the US dollar for the 14th consecutive session on Thursday,<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[19],"tags":[1140],"class_list":["post-17361","post","type-post","status-publish","format-standard","hentry","category-pakistan","tag-interbank"],"yoast_head":"\nIn interbank transactions, the dollar rises to Rs202.40.<\/title>\n<meta name=\"description\" content=\"The rupee lost momentum against the US dollar for the 14th consecutive session on Thursday, depreciating by 50 paisa in the interbank market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2022\/05\/26\/in-interbank-transactions-the-dollar-rises-to-rs202-40\/\" \/>\n<meta property=\"og:locale\" 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href=\"https:\/\/dailyrapidnews.com\/eng\/category\/pakistan\/\" rel=\"category tag\">Pakistan<\/a>","tag_info":"Pakistan","comment_count":"0","jetpack-related-posts":[{"id":9695,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/04\/27\/us-dollar-rises-against-rupee\/","url_meta":{"origin":17361,"position":0},"title":"US dollar rises against rupee","date":"April 27, 2021","format":false,"excerpt":"KARACHI: The Pakistani rupee depreciated 37 paisas against the United States (US) dollar in the interbank currency market on Tuesday. 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According to the State Bank of Pakistan (SBP), the local currency closed at Rs152.60 against the greenback, registering appreciation of 44 paisas (0.29%) over the previous close of Rs153.04. Interbank\u2026","rel":"","context":"In "Business"","img":{"alt_text":"US-dollar-falls-below-Rs153-against-rupee-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/05\/US-dollar-falls-below-Rs153-against-rupee-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":1586,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/01\/14\/closing-rates-of-us-dollar-in-pakistan-on-january-15\/","url_meta":{"origin":17361,"position":4},"title":"Closing rates of US dollar in Pakistan on January 15","date":"January 14, 2021","format":false,"excerpt":"The buying rate of the US dollar was Rs159.8, while its selling rate was Rs160.5 on Thursday, January 14 at the opening of Pakistan's currency market. 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