Rupee sharply recovers to Rs173.76 against dollar

Rupee sharply recovers to Rs173.76 against dollar

KARACHI: The Pak Rupee (PKR) on Wednesday made a sharp recovery of Rs1.13 against the US dollar in the interbank foreign exchange market.

The rupee ended Rs173.76 to the dollar from the previous day’s closing of Rs174.89 in the interbank foreign exchange market.

The rupee has recovered Rs1.97 against the dollar during the past three sessions since the State Bank of Pakistan (SBP) decision to enhance the Cash Reserves Requirement (CRR).

The SBP last Saturday decided to increase the average CRR from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.

The SBP has decided the measure following the rupee hit an all-time low at Rs175.73 against the dollar on November 12, 2021.

A day earlier the SBP also decided to announce the monetary policy statement ahead of the scheduled announcement in order to stabilize the money market.

The large imports are continuously increasing the dollar demand. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.

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