World big news: At the end of the financial year, the dollar doubled and the rial crossed the half-century mark

Karachi: Due to the severe financial crisis facing the country and historic confrontations at the political level, the dollar and the euro c...

Karachi: Due to the severe financial crisis facing the country and historic confrontations at the political level, the dollar and the euro crossed a double century during the financial year 2021-22 ending June 30, while the riyal crossed a half-century.

According to Express News, the Pakistani rupee depreciated by 30% against the dollar in the financial year, while the rupee depreciated by 13.99% against the pound, the rupee depreciated by 14.16% against the euro and the Saudi riyal. The rupee depreciated by 29.97% overall.

Thus, in the financial year 2021-22, the rupee depreciated sharply in value, as a result of which the interbank rate of the dollar increased by Rs 47.30 to reach a high of Rs 204.84 during the financial year.

The euro's interbank rate rose by Rs 26.53 to Rs 213.86. The interbank rate of the British pound rose by Rs 30.50 to a high of Rs 248.47 and the interbank rate of the Saudi riyal rose by Rs 12.59 to Rs 54.59.

In contrast, last week's participation in the IMF program became clear, with China recovering 3 2.3 billion, hoping for more loans from friendly countries and the ability to default on outstanding loans. The value declined and the interbank rate of the dollar fell below Rs 205 while the open rate of the dollar also fell below Rs 205.

During the week, the dollar fell by Rs 2.73 to Rs 204.84 in the interbank market and by Rs 5 to Rs 204 in the open market.

The interbank rate of the British pound fell by Rs 6.16 to Rs 248.47 and the value of the British pound fell by Rs 7 to Rs 249 in the open market.

In the interbank market, the euro depreciated by Rs 4.60 to Rs 213.80 while in the open market, the euro depreciated by Rs 3 to Rs 216. The dollar and other major currencies declined throughout the week.

The dollar's supply increased due to the increase in export earnings by exporters in foreign exchange and the rupee strengthened due to the reduction in foreign exchange reserves.