Rupee back on downward slide; sheds 41 paisa against dollar


Pakistani rupee failed to remain firm against the US dollar a day after showing some strength and shed 41 paisas (-0.24 percent) in the interbank on Thursday.

According to the State Bank of Pakistan, the US dollar opened at Rs167.25and closed at Rs167.66. Within the open market, the rupee was traded at Rs167.20/168.20 per dollar.

Overall, Pakistani rupee shed Rs0.75 against the US dollar during the last four days, while depreciation during the fiscal year 2021-22 has been Rs10.30. The local unit has shed Rs7.47 against the US dollar in the current year 2021. According to currency experts, the rupee is under immense pressure due to unfavourable macro economic data and Afghanistan’s situation.

They said the dollar’s demand remained high during the day, as higher import payment demand kept pressure on the local currency. They said that the rising deficit in the current account is also a major concern for the market.

They said that dollar outflow to Afghanistan was also a big concern for rupee stability.—TLTP

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