Rupee gains 38 paisas against US dollar

• The rupee closes at Rs167.25 against the US dollar in the inter-bank market on Wednesday.
• Going forward, the value of local currency depends on remittances and current account data.
• Alpha Beta Core CEO Khurram Schehzad predicts that the rupee will remain volatile for the next 2-3 months.

KARACHI: The Pakistani currency appreciated around 0.23%, or 38 paisas, to close at Rs167.25 against the US dollar in the inter-bank market on Wednesday.

According to the daily data released by the State Bank of Pakistan, the rupee closed at Rs167.63 in the inter-bank market on Tuesday (September 7).

Going forward, the local currency value depends on remittances and current account data. If the current account posts another deficit of over $773 million — which was recorded last month — the currency will lose ground against the greenback.

Earlier, speaking to Geo.tv, Alpha Beta Core CEO Khurram Schehzad predicted that the local currency will remain volatile for the next two to three months, and stability would be seen towards the end of this year.

On August 27, 2020, the rupee hit a record low, closing at Rs168.43 to the US dollar.

Dollar against other currencies

The dollar rose to a one-week peak against major peers on Wednesday, buoyed by higher treasury yields and a weaker euro ahead of a European Central Bank policy decision.

The dollar index, which measures the currency against six rivals, ticked up 0.05% to 92.580, after earlier touching 92.590, a level not seen since September 1.

The euro slipped 0.05% to $1.1836 for the first time since September 2.

The greenback gained 0.08% to 110.385 yen, helped by higher US yields.

— With additional input from Reuters