Rupee weakens against dollar

The rupee weakened against the US dollar at Rs234.32 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs231.92, according to the State Bank of Pakistan (SBP). The rupee has depreciated sharply in the past few months in the wake of delay in revival of International Monetary Fund (IMF) loan programme, poor macroeconomic indicators and political uncertainty. It plummeted to an all-time low of Rs239.94 against the greenback on July 28, 2022. Pakistan has now received $1.2 billion in the latest loan tranche from the IMF following resumption of its programme. It will unlock inflows from other multilateral and bilateral sources as well and improve the country’s capacity to make international payments.

Published in The Express Tribune, September 15^th, 2022.

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