Pakistan rupee depreciated against US dollar Canada Global

Canada Global (Web News) The Pakistani rupee continued to rally against the US dollar for the 12th consecutive session at the start of the week’s trading on Monday.

The local currency gained Rs 1.42 against the greenback and managed to settle at 218.50 in the interbank market around 10:40 am.

Last week, the rupee ended the weekend at 219.92 per dollar. It continued to appreciate against the greenback despite a decline in foreign exchange reserves and a downgrade of the country’s sovereign credit rating by Moody’s.

Meanwhile, traders and analysts believe that the local unit is unlikely to fall from its current level against the US dollar.

Additionally, the State Bank of Pakistan (SBP) is scheduled to meet to review developments on the economic front and announce its monetary policy for the next seven weeks.

Mixed movements in economic indicators suggest that the worst is not yet over, but the market consensus is that the policy rate will remain at 15 percent for the next month and a half.

 

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