Rupee appreciates 38 paisa against dollar

Mettis News Published March 25, 2021

This is the first time since March 6, 2020, that the dollar has fallen below the Rs155 level. — AFP/File

The rupee appreciated 38 paisa against the US dollar in today's interbank session, closing the day at Rs155.01, against yesterday's close of Rs155.39.

The rupee endured a relatively dull session after opening stronger, with very little intraday movement, trading in a range of 15 paisa, showing an intraday high of Rs154.98 and an intraday low of Rs155.13.

In the open market, the rupee was quoted at Rs155 per dollar.

Meanwhile, the currency gained 95 paisa against the British pound as the day's closing quote stood at Rs212.1, while the previous session closed at Rs213.05.

Similarly, the rupee strengthened by 83 paisa against the Euro, which closed at Rs182.99 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.769 billion for 8 days at 7.04 percent.

The overnight repo rate towards close of the session was 7.10/7.20 percent, whereas the one-week rate was 7.03/7.08 per cent.

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Business

Rupee hits one-year high against dollar

SBP buys dollars to support exporters

Dollar loses another 98 paisa against rupee

Dr. Salaria, Aamir Ahmad

Mar 25, 2021 12:46pm

To every rise, there is a fall and for every dollar, there is a hall.

Recommend 0

Azaan

Mar 25, 2021 01:14pm

Let CPEC complete fully. We'll get 155 dollars for a rupee

Recommend 0

Hasan Malik

Mar 25, 2021 01:16pm

It went from 110 to 170 during PTI's tenure. Now rupee has still a long way to go to reach its old value.

Recommend 0

Zak

Mar 25, 2021 01:19pm

This is the first time since March 6, 2020, that the dollar has fallen below the Rs155 level. International communities Confidence in PMIK and his progressive policies.

Recommend 0

Rao anwar

Mar 25, 2021 01:42pm

@Dr. Salaria, Aamir Ahmad, soon 1 pkr will buy 100 usd...

Recommend 0

Hassan

Mar 25, 2021 02:01pm

Good news. Keep it up!

Recommend 0

Shahzad

Mar 25, 2021 02:03pm

Rupees strengthening against the dollar is a good move.

Recommend 0

Abraham

Mar 25, 2021 02:03pm

It caught punters off guard they were hoping for it to hit 200...after hitting a fine 150, Turkish lira is taking the honours these days

Recommend 0

Pathan Power Dream

Mar 25, 2021 02:06pm

@Dr. Salaria, Aamir Ahmad, you need to improve

Recommend 0

Salman

Mar 25, 2021 02:16pm

@Hasan Malik, Get yours facts correct. Dollar was Rs 122 when PTI came into power

Recommend 0

KhanRA

Mar 25, 2021 02:19pm

@Hasan Malik, The rupee was previously artificially overvalued by pumping state bank reserves into the currency to prop it up. This is why Pakistan’s foreign-exchange reserves were decimated during the tenure of the previous government.

Recommend 0

Sab Se Pehle Pakistan

Mar 25, 2021 02:28pm

Will the benefits be transferred to the commoners?

Recommend 0

Adnan

Mar 25, 2021 02:33pm

@Hasan Malik, 25th july 129-130rs i.e. the day of election and Govt officially start working on 19th august and that time 122-123rs.. though i wont argue on details of artificially dollar rate was kept low because it wont help as it hard to understand and i dont know ur professional background.... SBP reserves of 7 billion and huge negative Current account on FY18 (two main factors) practically cannot hold the dollar to 130rs it should have been way higher. Now CA and Reserves are much higher.

Recommend 0

Jamil

Mar 25, 2021 02:33pm

@Azaan, that's too much sir to hope for.

Recommend 0

AHMED 40

Mar 25, 2021 02:55pm

IMF appointed SBP governer preparing ground for new taxes and tariffs as part of IMF tranche and absorp some inflation through this which will come with new IMF imposed measures ...question is why SBP allowed it to devalue too much to erode GDP and per capita..

Recommend 0

Abdur Razzaque

Mar 25, 2021 02:59pm

The theory of Rise and Fall isn't an easy one for the troubled Pakistani economy. However, the govt. needs to be more serious to fix the problem left by the old thugs.

Recommend 0

AHMED 40

Mar 25, 2021 03:19pm

@Adnan, incorrect the reserves at present minus 4 billion dollar loans from China uae and Saudi Arabia are 9 billion at the moment and budgetary deficit is at 2 trillion or 15 billion which more than offsets the current account improvement ...SBP devalued rupee for wrong reasons beyond 140 and is lowering it back to offset the new inflation wave which will come with removal of tax exemptions and increase in electricity prices committed with IMf for their new tranche

Recommend 0

Mansur Ul Haque

Mar 25, 2021 04:00pm

Any reduction in imported items,like, cars, petrol, electricity, fares of bus, train, aeroplane's. I shall appreciate if Ministery of Finance intimate us positive impact on payment of foreign loans/ interest payments. This will definitely have positive impact on fiscal balance of payment. I believe this will also reduce/ eliminate the dollar rate in open market viz: viz inter bank rate. Consequently it will encourage people working abroad to send money through official channel.

Recommend 0

ABE

Mar 25, 2021 04:25pm

My forecast says, USD at 140 PKR by year end Euro at 165 PKR by Dec. 31. Assuming exports picks up, travel and tourism resumes and IMF dictated reforms are carried out,

Recommend 0

Zak

Mar 25, 2021 04:42pm

@Hasan Malik, It went from 110 to 170 during PTI's tenure. Now rupee has still a long way to go to reach its old value. Because pti decided not to pump government dollors into market to keep rupee at artifical rate. Pakistan lost $ 2 billion playing these false tricks to fool the public under PML N tenure.

Recommend 0

Mark

Mar 25, 2021 04:42pm

The cost of real dollar right now is 140 but because of exporter pressure government buying dollars from banks to artificially control dollar price. When dollar was 100 our exports were same like today. Since last 5 years there's not significant increase of exports even when dollar was 168. It's only because of foreign remittances that our forex reserves go up

Recommend 0

Multani

Mar 25, 2021 05:13pm

Peace with India coming and India giving up claim on IOK, vaccine on the way, end of FATF sanctions ending by June, water issue being resolved with India, now our rupee gaining against $, the good times are here.

Recommend 0

Thunderbird

Mar 25, 2021 06:00pm

Whatever Indian jealous brigade of pjb howl as a habit , rupee appreciation indicates lK strength in economic success. Howl, cry, shout in agony, go fly a kite. You may need to buy many kites for the future.

Recommend 0

Baber

Mar 25, 2021 06:24pm

@Hasan Malik, No it was 123 and the highest closing was 168 (total gain of 45 rupees, current gain stands at 32 rupees). to bring it to first day of PTI govt, it needs to come down to 123.

Recommend 0

asim

Mar 25, 2021 06:31pm

@Hasan Malik, America is accusing China of artificially keeping its currency value lower, Japanese Yaun is around 109rs.. Higher exchange rates are not to be proud of its just a tool used to control economy.

Recommend 0

Farooq Khan

Mar 25, 2021 06:42pm

the old value of 100 wont come back but it needs to set where export value benefits and imports get a bit more cheap maybe 150 rs would be standard in future

Recommend 0

Mar 25, 2021 06:51pm

USD will settle at 140

Recommend 0

iqbal

Mar 25, 2021 07:06pm

Great!...it should be close to 100 to 1, or even better. Government should not try to prop up the dollar as in the long run better rupee price will benefit the whole country. First, we can pay the loans back soon with less PKR and then buy equipment needed for factories with less PKR.

Recommend 0

Brownman

Mar 25, 2021 07:34pm

Use these dollars to pay off debt.

Recommend 0

Shahzeb

Mar 25, 2021 07:40pm

@Azaan, Bravo my bro. that's the spirit !!

Recommend 0

Zak

Mar 25, 2021 07:47pm

Pak Rupee is the future currency of the world.