Pakistani Rupee remains Stable against the Dollar – Research Snipers

Pakistani Rupee remains Stable against the Dollar

rupee

According to the State Bank of Pakistan in the interbank market, the Pakistani rupee has remained stable against the dollar at Rs133.7/133.9 on Monday. On Friday it closed at Rs133.7/133.9 as well. After the government decided to take a loan from the International Monetary Fund’s (IMF), the value of rupee against the dollar went down. Since December 2017, it is the fifth time rupee has depreciated massively against the dollar. In the last 10 months rupee has dropped by  26.67%. The State Bank a couple of weeks back dropped rupee by 7.5% due to the demand-supply gap in the foreign exchange market & present account dynamics.

Recently the rupee went an all-time low against the UAE dirham. Pakistani Rupee dropped to Rs 36.35 against the UAE dirham.

Rajiv Raipancholia, CEO Orient Exchange said at that time, “Today, the rupee was trading at 133.10 against the dollar, or 36.23 against the dirham, during early morning hours. It can fall to 135 against the dollar, or 36.75 against the dirham, in the coming days as the IMF feels the rupee is still overvalued and could further depreciate to 145 against the dollar and 39.50 against the dirham.”

Also read: Pakistani rupee drops to Rs 128 against the dollar