Rupee weakens against dollar
Foreign currency stood higher compared to its supply in the wake of increase in import payments
Gold price maintained its uptrend mainly due to the downtrend in the rupee against the US dollar. photo: reuters
KARACHI:
The rupee weakened against the US dollar at Rs175.04 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs174.3, 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 the IMF loan programme.
Published in The Express Tribune, November 25th, 2021.
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