Rupee erases gains
KARACHI: The rupee gave back the previous session’s gains to close slightly lower against the dollar in the interbank market on Tuesday.
The rupee ended at 281.67 per dollar, compared with the previous close of 281.56.The rupee also depreciated in the open market, trading at 283.69 versus the dollar. It had traded at 283.5 on Monday.
Despite prevailing positive sentiment surrounding Pakistan’s economy, the local unit lost ground again after rebounding from six straight sessions of declines. This was caused by dollar demand from importers, dealers said.
In an interview with Reuters, Finance Minister Muhammad Aurangzeb said that the recent military escalation with its arch-rival India will not significantly affect the budgetary situation and can be managed within the existing fiscal space, negating the necessity for a fresh economic assessment.
“Investor confidence has been further reinforced by the finance minister’s assurance that the recent conflict will not derail IMF targets or fiscal consolidation efforts. He also said that the upcoming IMF tranche is likely to be received within the next couple of days,” read a Chase Securities note.
According to reports, the federal government has decided to prepare the new budget using an exchange rate of Rs290 per dollar. This decision is based on the expectation of only 3.6 per cent depreciation, attributed to a largely stable external account anticipated in the next fiscal year, supported by an International Monetary Fund (IMF) programme.
-
Alexander Skarsgard Breaks Silence On Rumors He Is Bisexual -
King Charles Faces Rift With Prince William Over Prince Harry’s Invictus Games -
Elon Musk’s Critique On ChatGPT Safety Draws Sharp Response From Sam Altman -
Katherine Ryan Takes Aim At Brooklyn Beckham In Fierce Defense Of His Parents -
How Timothy Busfield, Melissa Gilbert Really Feel After Release From Jail -
OpenAI, Bill Gates Launch ‘Horizon 1000’ To Transform AI Healthcare In Africa -
Prince Harry Receives Praises For Exposing Dark Side Of British Tabloids -
Andrew Forces Beatrice, Eugenie To Lose $60 Million Safety Net Saved For Retirement -
Nvidia CEO Jensen Huang To Visit China To Push Re-entry Into AI Chip Market -
U.S. On Verge Of Losing Measles-free Title Due To Outbreak -
Harry Styles Excites Fans As He Announces Release Date Of New Song -
Japan’s Ex-PM Shinzo Abe’s Killer Is Set To Be Sentenced: How Much Punishment Could He Face? -
Prince Harry, Meghan Markle’s Return To UK Could Create Royal Family Dilemma -
Prince Harry Turns Troubled With No Sense Of Home: ‘Isolation Is Getting To Him Mentally’ -
Vitamin D Link To Respiratory Diseases Will Shock You -
A$AP Rocky Gives His Take On Children's Budding Personalities