Deficit-Ridden Cement Industry Returns After PM’s Package

•  The Pakistani rupee has started to be counted among the best performing currencies in the region.
• It is ranked third after Indonesia and South Korea. According to dealers, the US dollar closed at Rs 158.91 in the interbank market.
• Experts say the depreciation of the dollar will lower the rates of imported food items, including crude oil products, which is expected to slow down inflation.

Best performing currencies in the region

 

The Pakistani rupee is one of the best-performing currencies in the region

The Pakistani rupee has started to be counted among the best-performing currencies in the region. According to foreign media, the rupee has appreciated by 3.1% since October 1 and is one of the best-performing currencies. It is ranked third after Indonesia and South Korea. According to dealers, the US dollar closed at Rs 158.91 in the interbank market.

The rupee continued to appreciate on the back of a weakening global dollar, sharp depreciation by exporters, and improved remittances. Dealers said that on August 26, 2020, when the dollar touched 168 rupees to 43 paise. The US currency has depreciated by Rs9.52 paise in the interbank market since the record was reached.
The open market is available to the public at 158.80.

Experts say the depreciation of the dollar will lower the rates of imported food items, including crude oil products, which is expected to slow down inflation.

The US dollar depreciated further by 25 paise to Rs 158.90 on the interbank market on Monday and by 10 paise to Rs 158.90 in the open market on Monday.

According to the Forex Association of Pakistan, the dollar depreciated further by 25 paise against the rupee in the interbank market yesterday, taking the buying price of the dollar from Rs 159.05 to Rs 158.80 and the selling price from Rs 159.15 to Rs 158.90. In the local open currency market, the buying rate of the dollar fell by 10 paise from Rs 158.70 to Rs 158.60 and the selling price fell from Rs 159 to Rs 158.90. In other currencies, the euro fell 10 paise from Rs 187 to Rs 186.50 and the selling price fell from Rs 189 to Rs 188, while the British pound fell from Rs 207.30 to Rs 206.50 and from Rs 209.30 to Rs 208.50.

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