The value of the Pakistani rupee decreased somewhat against the US dollar in the interbank market and dropped by over 0.04% during Thursday’s first hours of trading.
In intraday trade, the rupee depreciated by Re0.10 or 0.04% to 217.98 at roughly 10:35 am against the US dollar.
The rupee finally stopped appreciating against the US dollar on Wednesday, falling Re0.09 or 0.04% to close at 217.88.
The rupee is showing indications of stabilising against the US dollar after making gains throughout the whole month of October, which were fueled by a change in sentiment and moves taken by the central bank against players engaged in speculative activity.
“The rupee’s reverse began with changes in sentiment upon Dar’s appointment; he has a propensity to maintain the currency in a regulated range,”
The analyst claimed that although the sentiment-based improvement is difficult to measure, momentum is anticipated to continue due to anticipated inflows from multilateral organisations.
Soorani continued, “The rupee is anticipated to stay range bound in the coming days.”
As investors wait for US inflation data later on Thursday, which is predicted to confirm forecasts that the Federal Reserve will continue to tighten policy aggressively, the US dollar has held steady against other major currencies globally.
In September, core inflation is anticipated to increase by 6.5% yearly. Data released overnight revealed that US producer prices rose more than anticipated in December.
