The rupee on Monday resumed its slide against the US dollar, falling around 0.29 per cent to reach Rs170.51 in the inter-bank market.
Interbank closing #ExchangeRate for today:https://t.co/DogSRvj43l pic.twitter.com/g7IJaiiOnl
— SBP (@StateBank_Pak) November 8, 2021
Earlier on Friday, the rupee had remained unchanged against the US dollar, closing just above the 170 level in the inter-bank market.
The local currency had been on an uptrend since Pakistan received funds worth $3 billion from Saudi Arabia last week and had gained around Rs5.30 against the greenback during the period between October 27 and November 3.
On October 26, the rupee had dropped to its lowest level, closing over the 175 level for the first time.
According to media reports, analysts predict that the local currency is expected to depreciate against the dollar in the ongoing week due to a lack of affirmation by the International Monetary Fund (IMF) on its $6 billion worth Extended Fund Facility, and importers’ demand for the greenback.
