Rupee weakens against dollar

Pakistani rupee became the worst performing currency in Asia


Our Correspondent September 14, 2021
The uptrend in international commodity prices suggests that Pakistan’s import bill would remain high going forward. PHOTO: FILE

KARACHI:

The rupee weakened against the US dollar at Rs168.1 in the inter-bank market on Monday compared with Friday’s close of Rs168.02, according to the State Bank of Pakistan (SBP). Earlier, the SBP let the rupee depreciate massively in the inter-bank market after finalisation of an agreement with the International Monetary Fund (IMF) for a loan programme on May 12, 2019. The IMF has asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar and other major world currencies. In early September 2021, the Pakistani rupee became the worst performing currency in Asia in a basket of 13 currencies as it fell to a 13-month low against the US dollar.

Published in The Express Tribune, September 14th, 2021.

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COMMENTS (1)

Naji | 3 days ago | Reply

Where is Pakistan s PM when he said One Rupee in devaluation with US means a new Loan burden of Rs1 000 000 000 So what are your comments on this disaster. Now jumped to Rs50 as compared to 2017.

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