Currency Update: Rupee Depreciation Report submitted

The rupee on the interbank market opened the week flat at Rs105.405 and Rs105.41 in the international currency, whereas PKR was trading at 105.70 and 106 with a change of 10 paisa in the open market unmoved since yesterday’s close.

The rupee currently is trading at a moving average of 105.42 for the last seven days in the interbank markets, with a year to date depreciation of 0.55 paisa.

The inquiry report on Rupee’s depreciation that occurred on July the 5th has been submitted to Ministry of Finance. The sources find the attempt of investigating depreciation that happened months back to be futile, as too much time has passed away.

Experts anticipate that depreciation was market event, and it will not yield any results putting blame on a bank or any given person.

The Finance Ministry was shocked by the sudden depreciation as the Dollar rate went to Rs. 108.25 after the depreciation. However, in a couple of days the rate went down to 105.30 – 40 in the interbank markets.  Taking hold of the situation, Finance Minister sacked the interim SBP Head who acknowledged the Rupee depreciation send out a press release admitting that the move was official. He is also part of the investigation.