Pakistani foreign money maintained its downtrend for the 3rd consecutive operating day on Tuesday because it dropped 0.10% (or Rs0.22) at Rs221.91 in opposition to america greenback within the inter-bank marketplace. The rupee in brief breached the 222 degree, however partially recovered in overdue hours. This means that 222 has change into a powerful resistance degree in contemporary days. The rupee has endured to stabilise within the vary of 221 to 222 for the previous 3 weeks. The foreign money shed Rs0.49 from its price up to now 3 consecutive operating days amid a recent surge in yields on Pakistan’s US dollar-denominated bonds within the global marketplace. Except that, Pakistan’s possibility of default on global bills, measured thru a five-year foreign money default switch (CDS), hit a brand new prime of 64.2% on Monday. The foreign money has consolidated round present ranges within the backdrop of low foreign currencies reserves and the drop in export profits and staff’ remittances.
Revealed in The Categorical Tribune, November 16th2022.
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