KARACHI: The rupee on Wednesday maintained its upward drive and gained another 59 paise against the US bone in the interbank request. The original currency has recovered Rs4.14 in the last four sessions after hitting a- time low at202.01 on May 26.
The State Bank of Pakistan( SBP) on Wednesday reported that the bone price fell to Rs197.87 on a day- on- day base as reports of anticipated inrushes from IMF have impelled the academic forces to retreat.
Still, currency dealers said the government’s decision to ban the import of luxury and unnecessary goods was the main reason for bone deprecation as the move reduced the demand for the bills by importers.
Bankers said there has been no flux from anywhere so far, but expedients are high for inrushes in the future.
T- bills rates up by 75bps
Meanwhile, the government on Wednesday raised Rs792 billion against a target of Rs750bn.
still, the cut-off yields were further increased.
According to the State Bank of Pakistan, the yields on 3- months were raised by 75bps to15.25 percent and on the standard 6- months by 55bps to15.25 pc.
The 12- month cut- off yields were increased by 75bps to15.50 pc.
The SBP entered flings of Rs1033bn. The T- bill yields formerly again exceeded the policy interest rate of13.75 pc.
