Intra-day update: rupee records marginal drop against US dollarBreaking

October 27, 2022

Pakistan’s rupee registered a marginal decline against the US dollar in the inter-bank market, and depreciated 0.14% in the opening hours of trading on Thursday. At around 10:25am, the rupee was being quoted at 220.99, a depreciation of Re0.31 against the greenback, during intra-day trading. On Wednesday, Pakistan’s rupee reverted to its old ways against the US dollar, and closed at 220.68 after depreciating Re0.95 or 0.43%. Experts attributed the rupee's decline amid political uncertainty after Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Tuesday announced to start a ‘long march’ from Lahore to Islamabad on Friday (October 28), causing negative sentiment among market players.

In another key development, the Asian Development Bank (ADB) on Wednesday released $1.5 billion for Pakistan to support the economy and rehabilitate the affected people in the wake of recent floods. “State Bank of Pakistan (SBP) has received $1.5 billion from ADB in value 26 October 2022 as disbursement of policy-based loan for the Government of Pakistan. These proceeds have increased the FX reserves of SBP and will be reflected in the reserves for the week ending 28 October 2022,” the central bank said in a tweet on Thursday.

Credit : Independent News Pakistan-INP