The rupee posted a minor loss against the dollar on Thursday, falling by seven paise in the interbank market.

According to the State Bank of Pakistan (SBP), the rupee closed at 214.95, a depreciation of 0.03 per cent.

The rupee’s value started declining on Wednesday after gaining 11.62pc against the US dollar in the previous 11 sessions.

Saad bin Naseer, director of web-based financial data and analytics portal Mettis Global, said exporters were putting pressure to maintain the greenback’s value at Rs215 which was why the rupee had fallen.

The difference in the rates between the interbank market and the open market had also ended, he added.

Naseer said it appeared there was an understanding with the International Monetary Fund (IMF) to maintain the rupee’s value at its current level. However, he added that if imports continued to fall and exports increased, the rupee’s value could rise sharply.

Meanwhile, Exchange Companies Association of Pakistan General Secretary Zafar Paracha said the rupee was under pressure because of the delay in the release of the loan tranche by the IMF.

“It is expected that the dollar’s value will decrease after the tranche is received on August 29. If the interest rate is increased in the State Bank of Pakistan’s Monetary Policy Committee meeting on Aug 24, it could put pressure on the rupee’s value and decrease it.

“Otherwise, the dollar’s value is expected to decrease in the coming days,” he added.

Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Spy games
Updated 02 Oct, 2022

Spy games

The audios leaked so far appear to have been carefully curated: they apply pressure but do not do major damage.
‘Geopolitical football’
02 Oct, 2022

‘Geopolitical football’

THE US-China rivalry is by all measures one of the globe’s most dangerous competitions for power and influence. ...
Fuel price reduction
02 Oct, 2022

Fuel price reduction

ISHAQ Dar is back; so are his signature policies. The reduction of a little over 5pc in fuel prices announced by him...
Untruths and politics
Updated 01 Oct, 2022

Untruths and politics

It would arguably be in the national interest for the Supreme Court to take up the cipher and settle the matter.
Farmers’ protest
01 Oct, 2022

Farmers’ protest

SEVERAL hundred farmers have converged on Islamabad for the last three days to protest against the soaring costs of...
Dasht-i-Barchi bombing
01 Oct, 2022

Dasht-i-Barchi bombing

ON Friday morning, Kabul’s Dasht-i-Barchi neighbourhood was rocked by a terrorist attack targeting an educational...