Karachi: Rupee registered marginal loss against dollar for 12th successive session, depreciating 0.07 percent in inter-bank market. As per State Bank of Pakistan (SBP), rupee declined by 0.17 paisa to close at 227.12. On Wednesday, rupee depreciated against dollar to settle at 226.95 after decline of 0.01 paisa.

Bids for inter-bank market rates for dollar Rs 227.10, offer Rs 228.10 and open-market movement Rs 233.75 and offer Rs 236, however it remained unchanged for both buying and selling against dollar. Against Euro, it lost 1.50 rupees for both buying and selling, closing at 265.50 and 267.50 respectively.

Against UAE Dirham, remained unchanged for buying while losing 10 paisas for selling, closing at 68.70 and 69.30 respectively. Against Saudi Riyal, lost 50 paisas for both buying and selling, closing at 66.70 and 67.20 respectively.

“All nations of world opt for borrowing new money to pay old liabilities or they opt for rollover. We are opting for rolling over of deposits,” said Dar. He stated that Pakistan’s reserves were “Pure till 2018 and no other country had deposits in Pakistan” at that time.

Globally, dollar struggled to advance even though Federal Reserve policymakers reiterated their commitment last month to fighting inflation.

Published in The Daily National Courier, January, 06 2023

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