KARACHI: Pakistani rupee on Friday snapped its seven-session losing streak and registered Rs0.11 against the US dollar in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 220.84 after appreciating Rs0.11. After the minor gain, the rupee has depreciated an overall 1.38% in the last eight sessions.
Interbank closing #ExchangeRate for todayhttps://t.co/MEFYHY7w0K pic.twitter.com/79hgXLmjRd
— SBP (@StateBank_Pak) October 21, 2022
On Thursday, Pakistan’s rupee had posted a marginal decline against the US dollar and closed at 220.95 after depreciating Re0.07.
As per market experts, after making impressive gains since the last week of September amid Ishaq Dar’s appointment as the finance minister, the rupee is now stabilizing against the US dollar as market fundamentals kick in.
Meanwhile, the market remained in wait for the Financial Action Task Force’s (FATF) decision over Pakistan’s removal from its grey list today (Friday).
“If Pakistan is removed from the grey list, it would give the country a boost to its image and reputation in terms of its actions to combat terror financing and money laundering,” said Topline Securities in a note on Friday.
