Rupee appreciates slightly against US dollar
Published February 23, 2022
- Rupee appreciates 0.04% against the US dollar.
- Settles at Rs176.16 against the greenback in the inter-bank market.
- Dealers believe that uncertainty persists in the market amid tensions between Russia and Ukraine.
KARACHI: The rupee appreciated 0.04% against the US dollar in the inter-bank market on Wednesday, closing the day at Rs176.16.
A day earlier, the local unit closed at Rs176.23 against the greenback, according to the State Bank of Pakistan (SBP).
Currency dealers believe that uncertainty persists in the market amid tensions between Russia and Ukraine, pushing commodity prices upwards in the global market.
After posting a fresh increase of 0.4%, the Pakistani rupee has depreciated by 11.81% (or Rs18.62) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.
The rupee had maintained a downward trend for the past nine months. It has lost 15.68% (or Rs23.89) to date, compared to the record high of Rs152.27 recorded in May 2021.
Traders will be closely watching the outcome of the plenary session of the Financial Action Task Force (FATF) starting from February 21 to March 4 in Paris for the clue regarding the rupee’s future course.
The upcoming decision of the FATF would decide whether Pakistan should exit from the grey list.
