Dollar reaches Rs 159.33 as rupee falls to nearly 5-month low

 Dollar reaches Rs 159.33 as rupee falls to nearly 5-month low

Dollar reaches Rs 159.33 as rupee falls to nearly 5-month low

ISLAMABAD(KARACHI), 09 July: Under pressure due from import payments, the rupee fell to a five-month low against the US dollar.

According to media reports, forex dealers are expecting the local currency to lose more ground in the coming days.

In the interbank market, the rupee closed at 159.33 per dollar, its lowest since February 09, 2021.

It fell by 41 paisas or 0.26% during the session. The rupee ended at 158.92 on Wednesday.

The rupee lost 70 paisas to end at 160.20 versus the greenback in the open market. It finished at 159.50 in the previous session.

“The rupee was trading as low as 159.50 to the dollar in the interbank market,” said a currency dealer.

“The local unit was under pressure due to increased appetite for the dollars for imports, especially oil, following a persistent rise in international oil prices,” he added.

“As well as, subdued inflows from export proceeds and remittances weighed on the domestic currency,” the publication stated quoting the dealer.

Global oil prices sustained losses with Brent crude futures falling 0.6% to $73/barrel on Thursday.

Dealers anticipate the rupee to touch 160 per dollar soon maybe in the session ahead.

The rupee, however, is likely to start seeing some corrections from the second week of this month.

Read more: World Bank approves $800mn for reforms in Pakistan

The World Bank has approved $800 million in financing for two programs in Pakistan — the Pakistan Program for Affordable and Clean Energy and the Second Securing Human Investments to Foster Transformation.

Secretary, Ministry of Economic Affairs, Noor Ahmed, and Melinda Good, Acting Country Director, World Bank signed the two important program loan agreements worth $800 million on behalf of their respective sides.

Web Desk

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