Rupee hits new low at 181.78

KARACHI:

The rupee weakened against the US dollar at Rs181.78 in the inter-bank market on Friday compared with Thursday’s close of Rs181.73, according to the State Bank of Pakistan (SBP). It was an all-time low value for the local currency as demand for the dollar stood higher compared to its supply in the wake of an expanding current account deficit, swelling imports and rising global commodity prices. Earlier, the announcement of $3 billion cash deposit by Saudi Arabia in the State Bank helped the rupee to appreciate, however, the recovery proved short-lived.

Published in The Express Tribune, March 26^th, 2022.

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