The Pakistani rupee continues to take a beating as it set the seventh all-time low of 177.89 against the US dollar on Monday.
According to the State Bank of Pakistan, the dollar opened at Rs177.71 in the interbank market and closed at Rs177.89, shedding 10 paisas or -0.10 per cent.
Within the open market, the rupee was traded at 179.50/180.30 per dollar.
Interbank closing #ExchangeRate for today:https://t.co/L19iyE4lMj pic.twitter.com/RaXvv1EFRg
— SBP (@StateBank_Pak) December 13, 2021
The rupee has maintained the downtrend for the past seven months. It has lost 16.82% (or Rs25.62) to date, compared to the 22-month high of Rs152.27 recorded on May 14.
With a fresh decline of 0.10%, the rupee has depreciated by 12.91% (or Rs20.35) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.
According to analysts, the rupee will lose more ground against the US dollar during the next week if the State Bank of Pakistan (SBP) does not intervene till the completion of the sixth review of the International Monetary Fund’s (IMF) $6bn loan programme.
