KARACHI:
The Pakistani rupee has confronted a downward spiral for the fifth consecutive working day, falling by 0.58%, or Rs1.66, to achieve a one-month low at Rs286.81 in opposition to the US greenback within the interbank market on Friday.
Over the previous 5 days, the foreign money has cumulatively misplaced 3.60, or Rs10.34, in accordance with information from the central financial institution.
Within the open market, the rupee additionally depreciated by 0.5%, or Rs1.50, buying and selling at Rs291/$ in comparison with Rs289.50 a day in the past. In consequence, the trade fee unfold between the interbank and open markets settled inside the IMF directed degree of 1.25%, presently round Rs4.
SBP injects funds
To handle the liquidity crunch at banks, the SBP injected Rs1.19 trillion by way of open market operations for a comparatively longer interval of 77 days. Industrial and Shariah-compliant banks obtained these funds at a fee of return of 22.15% and 22.37%, respectively.
Gold shines
The gold pricing physique introduced a worth enhance of Rs1,800 per tola (11.66 grams) to Rs222,900 in Pakistan, primarily on account of rupee depreciation on Friday. Regardless of the worldwide market exhibiting a drop of $12 per ounce (31.10 grams) to $1,966, the native worth was revised upwards.
Revealed in The Categorical Tribune, July 22nd, 2023.
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