According to Samiullah Tariq, the local currency has a range of 173-175.
The currency strengthened marginally in the previous two days, according to the expert, due to "sentiments associated to the news surrounding the IMF programme."
In the interbank market, the local currency fell 0.42
percent to settle at Rs175.04.
On November 12, the rupee hit an all-time low of Rs175.73.According to Samiullah Tariq, the local currency has a range of 173-175.The rupee reached an all-time low of Rs175.73.
Samiullah Tariq, Head of Research at Pakistan-Kuwait
Investment Company, told Geo.tv that the local currency has a range of 173-175.
Interbank closing #ExchangeRate for today:https://t.co/2WusgO7zO7 pic.twitter.com/avn2HJUdia
— SBP (@StateBank_Pak) November 24, 2021
The rupee-dollar parity, according to Tariq, is determined
by the demand and supply of foreign currency in the interbank market.
Demand for foreign currency outstripped supply, indicating a
worsening current account imbalance.
It's worth noting that the central bank has chosen a
flexible exchange rate to allow market forces to determine the rupee's per
dollar value based on foreign currency demand and supply.