Rupee strengthens against dollar
Local currency fell to all-time low value
Mehanti stated that compliance on few conditions laid down by IMF was still pending. PHOTO: FILE
KARACHI:
The rupee strengthened against the US dollar at Rs176.48 in the inter-bank market on Monday compared with Friday’s close of Rs176.77, according to the State Bank of Pakistan (SBP). On December 3, the local currency fell to all-time low value as demand for the foreign currency stands higher compared to its supply in the wake of expanding current account deficit, swelling imports, rising global commodity prices and uncertainty about the resumption of IMF loan programme.
Published in The Express Tribune, December 7th, 2021.
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