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Rupee weakens against dollar

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KARACHI:

The rupee weakened against the US dollar at Rs170.01 in the inter-bank market on Thursday compared with Wednsday’s close of Rs169.97, according to the State Bank of Pakistan (SBP).

On October 26, 2021, Pakistani currency closed at an all-time low of Rs175.27 as demand for the foreign currency stood higher compared to its supply in the wake of increase in import payments, rising global commodity prices and uncertainty about the resumption of IMF loan programme.

However, the announcement of $3 billion cash deposit by Saudi Arabia in the State Bank helped the rupee to wipe off some of the losses.

The rupee had been on the downtrend since hitting 22-month high of Rs152.27 in May 2021. The SBP has injected $1.2 billion into the inter-bank market to defend the rupee in the ongoing fiscal year 2021-22 and has pumped a total of $5.8 billion since the Pakistan Tehreek-e-Insaf (PTI) government came to power in August 2018.

Published in The Express Tribune, November 5th, 2021.

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