The sharp drop in the rupee came as the foreign currency inflows from overseas Pakistanis through the RDA dived to a 15-month low at $189 million in May 2022. Photo: file
The rupee strengthened against the US dollar at Rs201.52 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs202.83, according to the State Bank of Pakistan (SBP).
On May 26, 2022, the rupee closed at an all-time low at Rs202.01 owing to the delay in resumption of IMF loan programme.
The continuous increase in international oil prices also proved to be a negative development for the rupee, as the country heavily relied on imported fuels to meet domestic demand.
Published in The Express Tribune, June 9th, 2022.
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