The rupee fell 0.17% to stand at 197.92 against the US dollar in the inter-bank market on Friday, compared with Thursday’s close of Rs197.59, according to the State Bank of Pakistan (SBP). The currency was recovering slowly after it hit a historic low at Rs202.01 on May 26 owing to delay in the resumption of IMF loan programme. The continuous increase in the international crude oil prices also proved to be a negative development for the rupee, as the country heavily relied on imported fuels to meet domestic demand. Although the rupee had taken a slow upward stride, after remaining on the downtrend since hitting 22-month high at Rs152.27 in May 2021, it fell again following a sudden hike in power tariff and petroleum prices.
Published in The Express Tribune, June 4th, 2022.
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