The rupee has declined 8.57% (or Rs13.5) since the start of current fiscal year 2021-22. PHOTO: FILE
The rupee strengthened against the US dollar at Rs171.18 in the inter-bank market on Friday compared with Thursday’s close of Rs171.2, according to the State Bank of Pakistan (SBP). On October 14, 2021, Pakistani currency closed at an all-time low of Rs171.2 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 16th, 2021.
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