Rupee weakens against dollar
With a fresh gain of Rs0.55 on Monday, rupee has recovered 8.54% or Rs14.39 during the past seven months to date. PHOTO: FILE
The rupee weakened against the US dollar at Rs170.74 in the inter-bank market on Monday compared with Friday’s close of Rs170.53, according to the State Bank of Pakistan (SBP). On October 6, 2021, Pakistani currency closed at an all-time low of Rs170.96 as demand for the foreign currency stood higher compared to its supply in the wake of increase in import payments, rising global commodity prices and worsening financial situation in Afghanistan. The rupee has maintained its downturn since hitting 22-month high of Rs152.27 in May 2021.
Published in The Express Tribune, October 12th, 2021.
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