The ruble, which has been steadily recovering since July 29, reversed the trend. on Wednesday, declining for 98 paise against in dollar.
State Bank shared data of Pakistan (SBP) showed that the rupee closed at 214.88 per dollar. dollar devalued by 0.46%.
Komal Mansour, head of strategy in Tresmarck, said that today the rupee lost ground because of less than expected remittances.
Most analysts still believe that the rupee will hover around the 215 level until the International Monetary Fund (IMF) approves the report. of tranche to Pakistan, she added.
Data released by SBP on tuesday showed rising trend of money transfers canceled in July when decline of 7.8% was recorded compared to the same month of previous financial year.
The country received $2.523 billion. in July Fiscal Year 23, up from $2.736 billion in July 22 fiscal year, according to SBP. The country received over $31 billion in Money transfers in previous financial year record high.
SBP data showed that remittances from almost all important destinations with exception of United Kingdom, declined.
Meanwhile, FAP Chairman Malik Bostan said the rupee fell because commercial banks bought the dollar at a low price. higher rates. He urged the SBU to take action against banks that bought dollars at higher rates up to avoid Negative influence on in trading Events in Open market.
He said exporters are putting pressure on on in government through the lobby to limit sharing rate on his current level so that they face losses.
“Exporters start mourning losses to blackmail government every time the value of the rupee increases. If a government gives in to their pressure, the dollar’s further fall will be halted,” he commented.
after two weeks of beating against in dollar, the ruble fell to its lowest level against U.S. dollar on July 28, closing at Rs 239.94. However, this trend has reversed with local currency rising by Rs 26.04 or 10.8% through Aug 16 (yesterday).
The biggest rise was seen on August 3, when the rupee rose by record 9.59 rupees.
