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Rupee reaches parity with the dollar today

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Rupee reaches parity with the dollar today

 

KARACHI: Before the Reserve Bank of India’s monetary policy statement today, December 14, 2021, dealers said that the rupee remained stable against the dollar on Tuesday.

In the interbank foreign currency market, the exchange rate against the dollar ended at Rs 177.88, down from Rs 177.89 a day earlier.

Market players, according to dealers, are expecting a major increase in the SBP’s central policy rate (SBP).

In less than a month, the SBP will issue its second policy statement. The central bank had earlier issued a statement on November 19, 2021, in which it announced an increase of 150 basis points to 8.75%.

According to market experts, the future policy rate is expected to increase by 100 basis points.

According to traders, demand for dollars for import payments remained stable. Similarly, income is not enough to meet the demand.

During the first five months of the year (July-November), remittances from overseas Pakistanis increased by 9.7% to .9 12.9 billion.

He said that rupee was under pressure due to heavy import bill. According to official figures from the Pakistan Bureau of Statistics (PBS), the country’s import bill rose 69.17 percent to 33 33 billion in the first five months of fiscal year 2021-22, compared to the same month last fiscal year. I was 19.47 billion.

Large imports resulted in a dramatic increase in the trade gap. During the month under review, the trade deficit widened by 112% to 20 20.59 billion, compared to a deficit of 9. 9.72 billion in the same period last fiscal.

As of the week ended December 3, 2021, Pakistan’s foreign exchange reserves had increased by 2. 2.652 billion to 25 25.151 billion. By the week ended November 26, 2021, the country’s foreign exchange reserves had grown to 22 22.499 billion.

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