Rupee downfall continues, reaches 175.27 in inter-bank market

Local currency loses 15.10pc or Rs23 to date

The rupee continued to lose ground on Tuesday, shedding another Rs0.84 or 0.48 per cent to touch the newest all-time low of Rs175.27 against the US dollar in the inter-bank market.

Earlier on Monday, the local currency had closed on 174.43 in the inter-bank market.

According to the State Bank of Pakistan (SBP), the local currency had closed at Rs174 to a dollar on Friday.

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The rupee has maintained the downtrend for the past five months. It has lost 15.10pc or Rs23 to date, compared to the 22-month high of Rs152.27 recorded in May.

With a fresh decline of 0.48pc, the rupee has depreciated 11.25pc or Rs17.73, since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

Currency traders have forecasted that the rupee is expected to remain under pressure if IMF-Pakistan talks remained inconclusive.

Further, apart from the demand of dollar by importers, panic selling and forward booking of the dollar is also contributing to the rupee depreciation against the greenback.

It is pertinent to mention that international crude oil prices are hovering above $85/barrel, which has been making imports of petroleum products for domestic needs pricier.

 

 

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