Rupee Falls To Rs. 208

Rupee Falls To Rs. 208

US Dollar Appreciated Against The Rupee

For the second straight day, the US dollar appreciated against the rupee, rising further from Rs1.05 to Rs207.99 on Wednesday in the interbank market. 

The dollar currently controls every aspect of the currency market, but on June 23, an inflow of $2.3 billion from China reversed the situation, allowing the rupee to gain Rs4.70 in a single session to reach Rs207.23 from Rs211.93. 

Read Also | Rupee Gains Value Against US Dollar

Read Also | US dollar rises to record Rs212

IMF Tranche Have Heen Dashed By The Punjab Chief Minister

The currency market thinks that hopes for early delivery of the IMF tranche have been dashed by the Punjab chief minister’s announcement of a new subsidy programme to provide free power to 9 million homes using up to 100 units per month. 

According to market analysts, the local currency will continue to lose value at a higher interest rate. On Thursday, the State Bank of Pakistan is expected to reveal its monetary strategy for the upcoming two months. Most interested parties anticipate an increase in interest rates of 100 to 150 basis points. 

The open market price of a dollar increased by Rs2 to Rs209.50.

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