The rupee weakened against the US dollar at Rs169.08 in the inter-bank market on Friday compared with Thursday’s close of Rs169.03, according to the State Bank of Pakistan (SBP). On September 15, 2021, Pakistani currency closed at an all-time low of Rs169.11. The rupee has maintained its downturn since hitting 22-month high of Rs152.27 in May 2021. The SBP injected $1.2 billion into the inter-bank market to defend the rupee in the ongoing fiscal year 2021-22 and has pumped a total of $5.8 billion since the Pakistan Tehreek-e-Insaf (PTI) government came to power in August 2018. 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.
Published in The Express Tribune, September 25th, 2021.
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