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Depreciation of the rupee continues daily due to high inflows

The rupee declined by Rs1.67 against the dollar on Friday closing the week at Rs277.60, according to the State Bank of Pakistan.

In the last two sessions, the dollar appreciated by Rs2.81, showing that the pressure is still on the local currency.

Inflows of $4.2 billion from Saudi Arabia, the United Arab Emirates and the International Monetary Fund (IMF) helped the rupee appreciate by Rs1.02 against the US dollar on Thursday. However, contrary to market expectations, the dollar quickly regained strength and suppressed the PKR on Monday.