Rupee continues to take beating, closes at 173.47 against US dollar

The Pakistani rupee’s slide continued against the United States (US) dollar in the inter-bank currency market on the third day of the trading week, depreciating by an additional 0.4 per cent or Rs0.69 against the US dollar and closing at an all-time low of Rs173.47.

With a fresh decline of 0.4pc, the rupee has depreciated 10.11pc or Rs15.93 since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

Moreover, it has cumulatively dropped 13.92pc or Rs21.2 since its recent high of Rs152.27 against the greenback recorded on May 14, 2021.

Earlier on Monday, the rupee fell to 172.78 against the US dollar, breaching Thursday’s low of 171.13, amid uncertainty regarding resumption of the International Monetary Fund’s (IMF) $6 billion Extended Fund Facility (EFF).

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According to the State Bank of Pakistan (SBP), the rupee shed Rs1.60 (-0.93 percent) as the US dollar opened at Rs171.18 and closed at Rs172.78.

The local currency had closed at Rs171.18 on Friday, according to the data from the State Bank of Pakistan (SBP).

Currency experts state that clarity on the talks will stabilise rupee. However, the mentioned that another reason for rupee depreciation was that the market opened after two weekly holidays and Tuesday is also a public holiday on account of Eid Milad-un-Nabi.

Last week, speaking at the launch of the Kisan Portal, Prime Minister Imran Khan had said that the pressure on the Pakistani rupee is temporary and will be over soon.

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