Earlier on October 26, the rupee hit an all-time low of Rs175.27 against the US dollar. photo: file
The rupee weakened against the US dollar at Rs178.24 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs178.19, according to the State Bank of Pakistan (SBP). This is an all-time low value for the rupee as the currency has been declining for the past few months. Demand for the dollar is higher compared to its supply in the wake of an 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 30th, 2021.
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