Pakistan Rupee notched 11% against the US Dollar among all currencies in August.
Pakistan Rupee notches 11% against the US dollar among all currencies in August.
According to the State Bank of Pakistan (SBP) data, the rupee made a fresh recovery of 0.71% (or Rs1.51) to a one-month high at Rs213.98 in the inter-bank market on Monday.
The rupee has cumulatively regained almost 11% (or Rs26) in the past 10 consecutive working days. Before this, the rupee hit an all-time low at Rs239.94 on July 28, 2022.
Topline Securities CEO Muhammed Sohail tweeted on his official account “After months of economic and political uncertainties, it is happy to see Pakistani rupee and the stock market being top performers so far in August, beating all other countries based on Bloomberg data,”
“Pakistani rupee is up 11% while the KSE-100 index is up 22% in US dollar (value at the Pakistan Stock Exchange).”
The latest day-to-day recovery of the rupee came following the rollover of a soft loan of $3 billion by Saudi Arabia.
The IMF initiated talks to make additional lending of $2.8 billion to Islamabad from KSA’s quota of Special Drawing Rights (SDRs). On August 29, 2022, the IMF executive board is scheduled to approve the release of the next tranche of $1.2 billion.
The downward trend in international oil prices also supported the rupee, as Pakistan heavily relied on imported energy.
