The rupee remained stable against the US dollar at Rs170.01 in the inter-bank market on Friday compared with Thursday’s close of Rs170.01, according to the State Bank of Pakistan (SBP). On October 26, 2021, Pakistani currency closed at an all-time low of Rs175.27 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 uncertainty about the resumption of IMF loan programme. However, the announcement of $3 billion cash deposit by Saudi Arabia in the State Bank helped the rupee to wipe off some of the losses.
Published in The Express Tribune, November 6th, 2021.
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