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Pakistan rupee appreciates against US dollar to a 15-week high

It made a 50-paisa recovery

SAMAA | - Posted: Oct 2, 2020 | Last Updated: 1 year ago
Posted: Oct 2, 2020 | Last Updated: 1 year ago

Photo: AFP

The Pakistani rupee appreciated against the US dollar on Friday to a 15-week high after strengthening by Rs0.5 paisa.

The rate of the dollar dropped to Rs164.8 from the previous day’s Rs165.3 rate. The value of the dollar was last at this level on June 15 at Rs164.7.

It had reached an all-time high of Rs169 on March 27 after rising Rs11 in as many days before a central bank intervention brought it down. That sudden rise was primarily because of a cut in the policy rate, triggering an outflow of $1.67 billion from the country’s debt market in March alone.

Following that increase, everything paid for in dollars became expensive. For example, all automakers rose their prices correspondingly because they import up to 60% of their parts. However, the dollar has mostly traded in the range of Rs165 to Rs167 since then.

The dollar became weaker in the international market as well. This was because fresh manufacturing data pointed to some recovery and reports of a fresh stimulus package by the US government.

President Donald Trump has proposed a $1.5 trillion coronavirus package to revive economic growth, which raised investors’ confidence as markets rallied, pushing the dollar to a week’s low in the international market.

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