{"id":24618,"date":"2022-02-18T13:36:33","date_gmt":"2022-02-18T13:36:33","guid":{"rendered":"http:\/\/nationaltimes.pk\/eng\/?p=24618"},"modified":"2022-02-18T13:36:33","modified_gmt":"2022-02-18T13:36:33","slug":"rupee-fails-to-sustain-gains-depreciates-against-us-dollar","status":"publish","type":"post","link":"https:\/\/nationaltimes.pk\/eng\/2022\/24618\/","title":{"rendered":"Rupee fails to sustain gains, depreciates against US dollar"},"content":{"rendered":"<p>KARACHI(National Times)- Despite intervention from the State Bank of Pakistan (SBP), the rupee closed marginally lower in the inter-bank market on Friday with a widening trade deficit continuing to take a toll on the currency.<\/p>\n<p>According to data released by the central bank, the local currency closed at Rs175.86 against the US dollar in the interbank market.<\/p>\n<p>The reversal comes on the back of widening current account deficit and rising oil prices in the international markets, raising concerns of a spike in import figures.<\/p>\n<p>With the fresh decline of 0.27%, the Pakistani rupee has depreciated by 11.62% (or Rs18.32) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.<\/p>\n<p>The rupee had maintained a downward trend for the past nine months. It has lost 15.49% (or Rs23.59) to date, compared to the record high of Rs152.27 recorded in May 2021.<\/p>\n<p>On Thursday, the central bank conducted an Open Market Operation, Reverse Repo Purchase (Injection) to stabilise the rupee-dollar parity.<\/p>\n<p>It is pertinent to mention here that this was not for the first time that the central bank has pumped money into the inter-bank market to artificially defend the rupee.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>KARACHI(National Times)- Despite intervention from the State Bank of Pakistan (SBP), the rupee closed marginally lower in the inter-bank market on Friday with a widening trade deficit continuing to take a toll on the currency. According to data released by the central bank, the local currency closed at Rs175.86 against the US dollar in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-24618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rupee fails to sustain gains, depreciates against US dollar - Nation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationaltimes.pk\/eng\/2022\/24618\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rupee fails to sustain gains, depreciates against US dollar - Nation\" \/>\n<meta property=\"og:description\" content=\"KARACHI(National Times)- Despite intervention from the State Bank of Pakistan (SBP), the rupee closed marginally lower in the inter-bank market on Friday with a widening trade deficit continuing to take a toll on the currency. 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