Business

Rupee weakens against dollar

Cumulatively, the rupee has lost 31.8% of its value in the last 13 months

Our Correspondent January 17, 2019

Cumulatively, the rupee has lost 31.8% of its value in the last 13 months. PHOTO: FILE

KARACHI: The rupee weakened against the dollar at Rs138.69/Rs139.06 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs138.64/Rs139.02, according to the SBP. In Nov 2018, the rupee fell to an all-time low at Rs144 against the dollar in intra-day trading before recovering to Rs139.05 in the sixth round of devaluation since December 2017. Cumulatively, the rupee has lost 31.8% of its value in the last 13 months. In October 2018, a slump in the value of the rupee came after the government decided to knock at IMF’s door to avoid default on import payments.

Published in The Express Tribune, January 17^th, 2019.

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COMMENTS (1)

Humza | 5 years ago | Reply When you have PTI being lead by Imran Khan who flies over the world saying everything in his own country is wrong, scaring away investment and showing no economic plan of his own, the rupee will just keep falling.

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