Rupee continued to weaken against US dollar amid the ongoing political uncertainty and delays in economic decisions, especially the lingering talks with the International Monetary Fund (IMF). The currency surpassed Rs183-mark for the first time in the history of Pakistan, shedding over Rs25 since the start of the ongoing fiscal year 2021-22. The rupee closed at Rs183.48 against the US dollar in the inter-bank market on Thursday. During the month of March, the rupee has depreciated by 3.38% (or Rs6.07) against the US currency. According to the State Bank of Pakistan (SBP), the local currency closed the session on Wednesday at Rs182.64 in the inter-bank market. Head of Research Arif Habib Limited Tahir Abbas told a news channel that political uncertainty was taking its toll on the currency. “Political uncertainty is taking its toll on the financial markets of Pakistan,” he said, adding that the pressure on the country’s foreign exchange reserves pushed by the draining of dollars from stocks and government securities (like T-Bills) had also played havoc with the rupee value. The Pakistani rupee has depreciated by 16.46% (or Rs25.94) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed. The rupee has maintained a downtrend for the past 11 months. It has lost 20.49% (or Rs31.21) to date, compared to the 22-month high of Rs152.27 recorded in May 2021. Other currency dealers also mentioned that political uncertainty has created a negative sentiment overall for the economy and this has been impacting adversely the rupee value against the greenback.
Rupee falls to historic low against US dollar
Rupee continued to weaken against US dollar amid the ongoing political uncertainty and delays in economic decisions, especially the lingering talks with the International Monetary Fund (IMF). The currency surpassed Rs183-mark for the first time in the history of Pakistan, shedding over Rs25 since the start of the ongoing fiscal year 2021-22. The rupee closed […]
