Uncertainty regarding resumption of the International Monetary Fund (IMF) loan programme mounted pressure on rupee. PHOTO: FILE
The rupee strengthened against the US dollar at Rs174.77 in the inter-bank market on Monday compared with Friday’s close of Rs175.23, according to the State Bank of Pakistan (SBP). On November 12, 2021, Pakistani currency touched an all-time low of Rs175.73 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.
Published in The Express Tribune, November 23rd, 2021.
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