The rupee weakened against the US dollar at Rs174 in the inter-bank market on Friday compared with Thursday’s close of Rs173.96, according to the State Bank of Pakistan (SBP). On October 21, 2021, Pakistani currency closed at an all-time low of Rs173.96 due to fears of harsh measures that might be taken before resumption of the International Monetary Fund (IMF) loan programme. In addition, 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. Earlier, the SBP let the rupee depreciate massively in the inter-bank market after finalisation of an agreement with the IMF for a loan programme on May 12, 2019.
Published in The Express Tribune, October 23rd, 2021.
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