Karachi: Rupee ended trading week with marginal loss against dollar, depreciating for 13th consecutive time in interbank market. Domestic unit closed at 227.14 against greenback after meagre decline of 0.01 percent in interbank market compared to Thursday’s close of 227.12, data released by State Bank of Pakistan showed.

Currency traded in range of 226-227 during week as movement of unit was caused by demand for dollars from importers in foreign exchange market. Analysts believe that enormous financing imbalance and declining reserves will keep domestic currency under pressure.

During week ended on December 30, 2022, central bank’s forex reserves fell $ 245 million to $ 5.57 billion, down from last week’s reserves of $ 5.821 billion.

Additionally, the rupee is expected to stay under pressure in the coming days due to the International

By June 2023, analysts expect rupee value will reach at least 250. Political instability and precarious external account position will keep pressure on rupee and things may grow significantly worse if IMF programme is delayed any longer.

Published in The Daily National Courier, January, 07 2023

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